# Economics of the Future Begins Today

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> Source: Bahá'í Library Online (bahai-library.com), curated by Jonah Winters. Used by permission of the curator. Original citation: Badi Shams, Economics of the Future Begins Today, New Delhi, India: Bahá'í Publishing Trust, 2016/2019, bahai-library.com.
> ──────────────────────────────────────────────────────────────────────
> 
> Economics of the Future
> Begins Today
> 
> A Manual for Economics
> 
> Badi Shams
> © National Spiritual Assembly of the Bahá’ís of India
> 
> First Indian Edition: October 2016
> 
> ISBN: 978-81-7896-129-3
> 
> Bahá’í Publishing Trust
> F-3/6, Okhla Industrial Area, Phase-I,
> New Delhi – 110 020, India
> 
> Printed at:
> Dedication
> 
> Dedicated to all the poor and underprivileged
> people of the world who have been ignored by
> our economic system. Their suffering is our failure
> to make a change.
> Introduction
> 
> Contents
> Introduction ............................................................... ix
> A Brief History of Economics & Some
> Economists ................................................................ 1
> TYPES OF ECONOMIC SYSTEMS ................................................. 7
> STUDY OF ECONOMIC WORKINGS ............................................ 8
> ECONOMIC THEORIES ............................................................... 10
> HISTORICAL TIMELINE ............................................................. 10
> Study of the Bahá’í Writings on Economics ......... 15
> DIVINE ECONOMY ...................................................................... 16
> BAHÁ’Í ECONOMIC SYSTEM .................................................... 17
> THE STATION OF MAN .............................................................. 18
> MATERIAL CIVILIZATION AND SPIRITUAL CIVILIZATION .. 19
> THE NATURE OF THE ECONOMIC PROBLEM .......................... 20
> THE ECONOMIC COST OF WARFARE ....................................... 22
> CO-OPERATION VS. COMPETITION .......................................... 23
> CAPITALISM ............................................................................... 24
> THE GOLDEN RULE ..................................................................... 25
> WEALTH ...................................................................................... 27
> MODERATION ............................................................................. 29
> VOLUNTARY SHARING .............................................................. 29
> EQUALITY ................................................................................... 30
> WOMEN’S EQUAL RIGHTS ........................................................ 31
> BENEVOLENCE ............................................................................ 32
> JUSTICE ....................................................................................... 32
> AGRICULTURE - THE FARMER .................................................. 33
> WORK AND PROFESSION .......................................................... 34
> WAGES ......................................................................................... 36
> TAXATION .................................................................................. 37
> HUQÚQU’LLÁH (RIGHT OF GOD) .............................................. 38
> RATE OF INTEREST .................................................................... 39
> 
> v
> Economics of the Future Begins Today
> 
> ECONOMIC RESOURCES ............................................................ 40
> ECONOMIC BARRIERS ............................................................... 40
> STRIKES ....................................................................................... 41
> SCIENCE AND TECHNOLOGY .................................................... 46
> THE POOR AND NEEDY .............................................................. 47
> WORLD CURRENCY .................................................................... 48
> WORLD COMMONWEALTH ...................................................... 49
> 
> Practical Economic Suggestions For
> Everyday Use ........................................................... 53
> Definition of Some Economic Terms ..................... 69
> Compilation of the Writings on Economics ......... 99
> APPLICATION OF ECONOMIC TEACHINGS TO MODERN
> PROBLEMS ............................................................................. 100
> BAHÁ’Í WORLD COMMONWEALTH ..................................... 101
> BAHÁ’Í ECONOMIC SYSTEM .................................................. 105
> DIVINE ECONOMY .................................................................... 107
> ECONOMIC RESOURCES .......................................................... 108
> TARIFFS AND OTHER ECONOMIC BARRIERS ....................... 109
> ECONOMIC ADJUSTMENT ...................................................... 110
> WORLD CURRENCY .................................................................. 111
> ECONOMIC PROBLEMS ............................................................ 111
> ROLE OF GOVERNMENTS IN ECONOMIC AFFAIRS ............... 114
> MAN—NOT A MERE FACTOR IN PRODUCTION ................... 117
> EQUALITY ................................................................................. 117
> DIFFERENT DEGREES AND CAPACITIES OF MAN ................ 119
> PROFESSIONS AND CRAFTS ................................................... 122
> AGRICULTURE AND THE FARMER ......................................... 125
> CAPITALIST AND CAPITALISM .............................................. 126
> WORKMEN AND INDUSTRY .................................................... 127
> WAGES ...................................................................................... 128
> REPRESENTATIVES OF THE WAGE-EARNING CLASSES ...... 129
> TRADE UNIONS ........................................................................ 130
> RETIREMENT ............................................................................ 130
> PENSIONS .................................................................................. 130
> STRIKES ..................................................................................... 131
> SOCIALIZATION ....................................................................... 136
> 
> vi
> Contents
> Introduction
> 
> UNEMPLOYMENT ..................................................................... 136
> INDUSTRIAL SLAVERY ............................................................. 136
> SCIENCE AND TECHNOLOGY .................................................. 136
> USE OF TECHNICAL KNOWLEDGE ......................................... 137
> WASTAGE ON WARS ............................................................... 139
> STOREHOUSES AND TAXATION ............................................ 141
> WEALTH .................................................................................... 149
> MODERATION ........................................................................... 152
> WELFARE .................................................................................. 152
> THE POOR AND NEEDY ............................................................ 153
> CHARITY AND ENDOWMENT ................................................. 157
> TITHES ....................................................................................... 159
> VOLUNTARY SHARING—GREATER THAN EQUALITY ......... 160
> DIVINE CIVILIZATION .............................................................. 161
> DETACHMENT .......................................................................... 163
> JUSTICE ..................................................................................... 164
> INHERITANCE ........................................................................... 166
> HUQÚQU’LLÁH ......................................................................... 169
> THE GREAT FINANCIAL DEPRESSION ................................... 174
> COMPETITION .......................................................................... 174
> THE WORLD’S EQUILIBRIUM ................................................. 175
> Workshop ............................................................... 177
> INTRODUCTION ........................................................................ 178
> PART ONE .................................................................................. 181
> PART TWO ................................................................................ 188
> PART THREE .............................................................................. 195
> CAPITALISM ......................................................................... 195
> AGRICULTURE—THE FARMER ........................................... 195
> WORK AND PROFESSION .................................................... 196
> WAGES ................................................................................... 197
> TAXATION ............................................................................ 198
> RETIREMENTAND PENSION ............................................... 199
> RATE OF INTEREST ............................................................... 200
> ECONOMIC RESOURCES ....................................................... 201
> ECONOMIC BARRIERS .......................................................... 202
> WORLD CURRENCY .............................................................. 203
> PART FOUR ............................................................................... 204
> Brief Summary of The Bahá’í Faith ............................. 209
> 
> vii
> Introduction
> 
> Introduction
> 
> The present economic system is sick and is dying. It cannot
> meet the needs of humanity. The gap between rich and poor is
> getting wider and wider, which has increased the suffering of the
> masses. The solutions that can heal it have been ignored. It is
> time to re-examine the fundamental assumptions that this system
> was built on and replace them with humane, moral and spiritual
> ones. We need to build an economic system fit to help mankind
> to achieve its goal of an ever-advancing civilization, a world
> where there is no room for economic injustice and people have
> all the necessities of life so they can live peaceful and fulfilling
> lives. A shift in thinking is needed. Based on the Bahá’í Teachings,
> this book aims to provide some insight and suggestions for
> taking steps to lay the foundation for a better economic future.
> We have the solutions and the technology to build a new system;
> all we need is the resolve and the will. Everyone has an inherent
> power to contribute. The time for action is upon us. This is our
> eleventh hour.
> This manual is intended to be a service and its goal is to
> equip the reader with a little knowledge about economics and
> to make the subject understandable. The manual will a) briefly
> study economics and its history, mentioning some of the
> economists that have contributed to the development of the
> economic systems, b) provide a study of the Bahá’i Writings on
> the subject of economics and their relevance and importance,
> 
> ix
> Economics of the Future Begins Today
> 
> c) suggest practical actions for everyday use which could become
> the beginning of a foundation for the future economic system,
> and d) define some economic- related terminology.
> Included in this manual is my compilation of the Writings of
> the central figures of the Faith related to economics. The Writings
> have been organized by topic to make it an easy reference for
> the reader. It is called “Economics of the Future”. Also a
> workshop on Bahá’í Writings on economics has been added for
> study purposes.
> I have always thought that understanding the Bahá’i Writings
> on the subject of economics is important and my intention for
> some time has been to help individuals to access the Bahá’i
> Writings on this subject and to arm them with a better
> understanding. It started in the 1980’s when I compiled
> “Economics of the Future” for my economics degree, which
> provided a collection of the Writings in one book for ready
> access. Later on in 1996 I was asked to put together material
> on Bahá’i economics in a workshop style with questions at the
> end of every section, with the intention of providing a tool for
> individuals or groups to increase their knowledge and
> understanding. And more recently, I was asked to give a talk,
> explaining some of the Bahá’i Writings on economics in simpler
> language. And that’s where the idea for a manual came into
> being. Abdu’l-Bahá1 often talked about very complex subjects
> but He made them simple and easy to understand and my
> personal belief is that economics doesn’t have to be scary or
> confusing, especially when it comes to action. The manual is
> intended to be clear and straightforward in order to encourage
> individuals to participate in economic actions and to remove
> Son of Bahá’u’lláh (see Appendix)
> 
> x
> Introduction
> 
> fears the reader may have about this challenging subject. It is
> made for everyone, whether or not he or she is knowledgeable
> about economics. Hopefully, the reader may find it useful and it
> will empower him or her to act and realize what an amazing
> power we have as individuals to transform society in every way,
> including economic ways.
> We do not have a Bahá’i Economic system as yet and
> that system would not come into being until the process of
> transforming society through the message of Bahá’u’lláh1 has
> been firmly established. As we gain a greater appreciation of
> the significance of Bahá’u’lláh’s Revelation through our study
> and application of the guidance being given to us from the
> Universal House of Justice,2 it becomes clear that our
> economic lives are not separate from our spiritual lives. Our
> spiritual values, when they are reflected in our daily behavior
> change us personally and, in turn, change our economic
> activities, which lead to a change in society. Human values
> such as truthfulness, trustworthiness, and justice are the
> bedrock for a foundation upon which the future economic
> system can be established.
> “Nevertheless, there are certainly practices a Bahá’i would
> eschew, such as dishonesty in one’s transactions or the
> economic exploitation of others. Faithful adherence to the
> divine admonitions demands there be no contradiction
> between one’s economic conduct and one’s beliefs as a
> Bahá’i. By applying in one’s life those principles of the Faith
> 
> The Manifestation of God for this age and Founder of the Bahá’í Faith
> (see Appendix)
> The supreme administrative body for the Bahá’is of the world (see
> Appendix)
> 
> xi
> Economics of the Future Begins Today
> 
> that relate to fairness and equity, a single soul can uphold
> a standard far above the low threshold by which the world
> measures itself...”
> -Ridvan Message 2012
> 
> We live in a very confusing time, particularly after the economic
> market crash of 2008, which almost destroyed the whole economic
> system and forced governments to take desperate measures to
> save the system and avoid universal chaos. That was caused by
> unchecked greed, which led to a destructiveness that only a lack
> of morality can create. People are now more scared and uncertain
> about their economic future and wonder what is going to happen,
> not realizing how much power they have to change attitudes
> regarding the current economic system. It is true that the economic
> field can be very confusing; economists themselves are often very
> confused. Even President Harry Truman is said to have joked that
> he wanted to hire a one-handed economist because it’s customary
> for economists to say - on the one hand we have this and on the
> other hand we have that. We cannot judge the economists to be
> right or wrong; they based their theories on their observations and
> made logical assumptions based on those observations. Most
> have done their best to improve the economic condition. Yet
> confusion increases every day because they did not understand
> the station and destiny of the most important factor in the economic
> system, man. They did not understand that material and spiritual
> civilization go hand in hand and that there needs to be harmony
> between science and religion. Nor did they grasp the significance
> of the oneness of humanity. They did not make room for humanity’s
> spiritual goals and aspirations.
> My hope is that this manual will enable you to gain a greater
> understanding of economics and will empower you to act and
> 
> xii
> Introduction
> 
> participate in the economic field with confidence and an underlying
> belief that together we are learning how to lay the foundation for
> global prosperity and the establishment of the world
> commonwealth.
> Please note that I have chosen to use the generic term
> “man” in the handbook to refer to both man and woman, only
> for the purpose of clarity.
> 
> For those readers who do not know about the Bahá’í Faith,
> there is a summary of Its history and teachings, with
> emphasis on the significant Individuals Who charted Its
> course, in the appendix.
> 
> xiii
> A Brief History of Economics
> &
> Some Economists
> 
> Economics of the Future Begins Today
> 
> The history of economics began in the Stone Age when one
> hunter, tired of eating the same kill, exchanged his kill for
> another hunter’s and, by doing so, started the barter economy.
> Soon after came centuries of an agriculture economy in which
> the means of exchange changed and “money” was introduced.
> The means of exchange could be anything: coins, pieces of
> gold or silver, bones, feathers and many other varieties of
> items were used until the use of paper currency was
> introduced. Agriculture economies were very simple and there
> were not many activities. Nothing of significance changed
> until the invention of the steam engine. This led to the
> revolution of industries and mass production started which
> brought the need for imports and exports to feed the ever
> expanding economy. Roads and railways had to be
> constructed. At the same time, a banking system was needed
> to handle all these new economic activities. Thus began our
> modern economic system.
> Since then the situation has changed considerably.
> Economists devoted their time to keep up with the changes
> and helped us to make sense of the material side of life.
> They made an impact and contributed to the improvement of
> the economic system. We of course cannot study all of them,
> so I have chosen a few and outlined their ideas. Our material
> life has a great influence on our spiritual life, so it is imperative
> that we understand economics and its true purpose. It is not
> just about making money but rather creating a very useful
> tool to assist us to pursue our spiritual destiny.
> First let us start with the definition of economics. There are
> so many different definitions, but maybe this one explains it
> better.
> 
> A Brief History of Economics & Some Economists
> 
> Definition of Economics: A social science concerned chiefly
> with description and analysis of the production, distribution,
> and consumption of goods and services.
> - Webster dictionary
> 
> In a nutshell economics covers almost all our material human
> activities. It is so surprising to see how it covers so much of our
> life. It would a good exercise to pick one of your activities and
> see if it will turn up to be an economic activity.
> Many think that terrorism, conflicts and other forms of
> violence are due to differences in religion or ideologies. But if
> we dig deeper we may find that the underlying factor in many
> cases is a deep sense of resentment from the “have nots” toward
> the “haves”. Poverty and powerlessness create resentment since
> every human being feels entitled to a bare minimum means of
> existence. With their deep resentments terrorists find a cause in
> religions and ideologies to justify their actions.
> Unfortunately money is a yardstick that we use to measure
> poverty, wealth, failure and success. My wish is that as we
> spiritually grow and expand our spiritual horizons, we will adopt
> a spiritual yardstick to measure our lives. Money cannot and
> should not be the only means of measuring our life’s
> achievements.
> The history of economics has been divided into many
> categories for study purposes. Most economists regarded
> economics as a branch of science and formulated many
> mathematical formulas to create a more efficient economic system.
> Man’s role was reduced to being one of the factors of production:
> labour. Economic systems concerned themselves with providing
> man with more material goods. There was no room for the
> moral and spiritual aspects of his life.
> 
> Economics of the Future Begins Today
> 
> But there were a few who did see the cracks in their
> assumptions and they raised the alarm. They have suggested
> a Moral Economics. They believe that economic theory
> does not address areas such as family, health, love, culture,
> spirituality, environment and many others that make life
> meaningful and rich. Economic policy should include not only
> goods that can be exchanged for money but also values that
> have no price tag on them.
> Eugen Loebl wrote a book called “Humanomics” in which
> he said:
> “In my view . . . economics is responsible for our deepening
> crisis. I am convinced that we will not be able to solve our
> basic problems unless we build a science of economy which
> enables us to navigate our ‘spaceship earth’ toward humane
> ends; a ‘humanomics.’”
> - Humanomics, p.1
> 
> “Conventional economics has become, despite its remarkable
> degree of sophistication, not only a useless tool, but a
> dangerous one. Its deceptive application has created a crisis
> which threatens the very foundations of our civilization.”
> - Humanomics, p.1
> 
> Alvin Toffler was another visionary who perceived the lack
> of humanity in our economic system. He looked at economics
> from a very different angle.
> Toffler explained, “Society needs people who take care
> of the elderly and who know how to be compassionate and
> honest. Society needs people who work in hospitals. Society
> needs all kinds of skills that are not just cognitive; they’re
> 
> A Brief History of Economics & Some Economists
> 
> emotional, they’re affectional. You can’t run the society on
> data and computers alone.
> - “Life Matters,” March 5, 1998
> 
> Toffler described human economic activities and the history of
> economics in three waves:
> a) The first wave or Agricultural wave
> b) The second wave or Industrial wave
> c) The third wave (Toffler wrote a book with the same
> name)
> 
> ·   First Wave refers to society after the agricultural revolution
> and after hunter-gatherers. “First Wave societies drew their
> energy from ‘living batteries’ – human and animal
> muscle-power – or from sun, wind, and water. Forests
> were cut for cooking and heating. Waterwheels, some of
> them using tidal power, turned millstones. Windmills creaked
> in the fields. Animals pulled the plow. As late as the French
> Revolution, it has been estimated, Europe drew energy
> from an estimated 14 million horses and 24 million oxen.
> All First Wave societies thus exploited energy sources that
> were renewable. Nature could eventually replenish the
> forests they cut, the wind that filled their sails, the rivers
> that turned their paddle wheels. Even animals and people
> were replaceable ‘energy slaves’.
> - The Third Wave, p.25
> 
> ·   Second Wave refers to society in the Industrial Revolution
> (the late 1600’s to the mid 1900’s). The main features of
> Second Wave are the factory-type of education system,
> the corporation and the nuclear family. Toffler writes: “The
> 
> Economics of the Future Begins Today
> 
> Second Wave Society is industrial and based on mass
> production, mass distribution, mass consumption, mass
> educat io n, mass media, mass recreation, mass
> entertainment, and weapons of mass destruction. You
> combine those things with standardization, centralization,
> concentration, and synchronization, and you wind up with
> a style of organization we call bureaucracy.”
> - Wikipedia article on Alvin Toffler
> 
> “All Second Wave societies . . . began to draw their
> energy from coal, gas, and oil – from irreplaceable fossil
> fuels. This revolutionary shift, coming after Newcomen
> invented a workable steam engine in 1712, meant that
> for the first time a civilization was eating into nature’s
> capital rather than merely living off the interest it
> provided.”
> - The Third Wave, p.25
> 
> ·   Third Wave refers to post-industrial society. Toffler
> explained that since the 1950s, nations have been shifting
> from Second Wave Society to a Third Wave Society,
> based on knowledge-based action as the primary
> resource. His description of a super-industrial society is
> similar to concepts from other theorists (e.g. Information
> Age, Global Village, Space Age, Technetronic Age,
> Electronic Age, or Scientific-Technological Revolution),
> which to some degree forecasted knowledge-based
> production, demassification, diversity, and accelerated
> change. “The Third Wave shows us . . . new potentials.
> It argues that, in the very midst of destruction and decay,
> we can now find striking evidences of birth and life. It
> 
> A Brief History of Economics & Some Economists
> 
> shows clearly and . . . indisputably, that - with
> intelligence and a modicum of luck – the emergent
> civilization can be made more sane, sensible, and
> sustainable, more decent and more democratic than any
> we have ever known.”
> - The Third Wave, p.3
> 
> His idea of the third wave, in my opinion, is close to the
> vision of Bahá’u’lláh’s World Commonwealth. He believed
> in a very different but yet better future for mankind. In essence
> he was talking about and preparing us for the coming of a
> New World Order. He explained the characteristics of the
> third wave and told us how and why the old industrial
> principles and theories will not work at this time, the same
> way agricultural principles did not work during the industrial
> time. He believed that mankind has entered an era in which
> we need a brand new system to fit the needs of man. So
> maintaining the old economic system will not solve our ever
> - increasing problems.
> 
> TYPES OF ECONOMIC SYSTEMS:
> There are many economic systems since every country or
> community has its own unique situation in terms of cultural,
> political and economic resources and economic activities are
> different. But generally we can categorize them into four
> major systems.
> a) Traditional economy:
> A family or community-based economic system relying on
> ritual and custom to make choices, for example, Amazon
> tribes, Aborigines, or any substance Economy.
> 
> Economics of the Future Begins Today
> 
> b) Market economy:
> An individual or consumer-based economic system relying on
> consumption choices of the consumer, for example, any
> capitalist country. (A pure market economy without government
> interference is not in existence.)
> c) Command economy:
> An economy that is centrally controlled and the government
> makes all the decisions, for example, Cuba or China (any
> Communist country or dictatorship).
> d) Mixed economy:
> An economic system that is market-based but with some
> governmental involvement, for example, any present
> modern economy.
> 
> STUDY OF ECONOMIC WORKINGS:
> Some study economics by their scope. Some study the
> individual behavior of the consumer and make their
> conclusions; some study the consumption of the whole
> country or community. So we can study economics at the
> small level or Micro or at a larger level or Macro.
> a) Microeconomics
> Microeconomics deals with: single market, consumer and
> producer.
> 
> ·   Supply and demand in single markets
> 
> ·   Individual consumer patterns, for example, consumer
> choice
> 
> ·   Individual labour markets, for example, wage determination
> 
> A Brief History of Economics & Some Economists
> 
> ·   External factors arising from consumption and production
> 
> b) Macroeconomics
> Macro economics deals with: The whole market, the whole
> economy, consumers and producers.
> 
> ·   Fiscal/monetary policy, for example, effect of interest rates
> on the economy
> ·   Reasons for unemployment and inflation
> 
> ·   Economic growth
> ·   Globalization and international trade
> 
> ·   Why there are differences in economic growth and living
> standards between countries
> 
> ·   Government borrowing
> Economic decision making operates in our daily life, whether
> we realize it or not. We live a world of infinite resources;
> economists must decide how to use these limited inputs to satisfy
> our never-ending list of wants and needs.
> Economists analyze relationships between the resources –
> labor and materials - and the consumption, distribution and
> production of the resulting goods. Economists study how
> decisions can be made in a business transaction between
> individuals on a microeconomic level or decisions considering a
> city, state or country on a macroeconomic level. A
> microeconomist considers the impact of supply and demand
> prices in a factory, for example, how taxes have altered that
> factory’s costs over a period of time. On the other hand, a
> macroeconomist studies the effect of changes on unemployment
> and national income on the gross national product.
> 
> Economics of the Future Begins Today
> 
> Although both fields operate with different scopes,
> macroeconomics and microeconomics share similar
> methodologies. They also have in common an assumption of
> self-interest which is the basis for modern economic theories.
> Adam Smith was the first to use this term to explain the idea
> that individuals act willfully to maximize their satisfaction,
> given a limited time, resources, information and budgets. But
> this assumption has to be explained. The self-interest has
> monetary connotations, which means that there must be
> something in it for the individual. But the reality is that this is
> not always the case. For example, giving to charity or any
> similar act, gives people no financial benefit. They do this out
> of the goodness of their hearts without considering financial
> gains. We cannot build an economic system based on the
> assumption that man is always selfish and thinks of only
> himself. This assumption is contrary to what religion,
> philosophers and great poets have taught us.
> 
> ECONOMIC THEORIES:
> It is hard to classify different theories but they fall mostly
> under one of these classifications:
> Classical theories: work done by a group of economists in
> the eighteenth and nineteenth centuries. They developed
> theories about the way markets and market economies work.
> The study was primarily concerned with the dynamics of
> economic growth.
> Neo-Classical theories: an approach to economics that
> relates supply and demand to an individual’s rationality and
> his or her ability to maximize utility or profit. Neoclassical
> 
> A Brief History of Economics & Some Economists
> 
> economics also increased the use of mathematical equations
> in the study of various aspects of the economy.
> Keynesian theories: an economic theory of total spending
> in the economy and its effects on output and inflation.
> Keynesian economics was developed by the British economist
> John Maynard Keynes during the 1930s in an attempt to
> understand the Great Depression.
> Monetarist theories: an economic concept which contends
> that changes in the money supply are the most significant
> determinants of the rate of economic growth and the behavior
> of the business cycle.
> 
> HISTORICAL TIMELINE:
> Economic thought has evolved over hundreds of years. The
> following timeline of important economists and dates explains
> how the field has developed.
> 
> • 200 BC onwards- Romans based much of their society on
> the exploitation of slavery. Their economic systems became
> heavily dependent on the widespread existence of slave
> labour. Slaves laboured in the mines and in the farms. The
> state’s public works were largely completed and maintained
> by slaves.
> • The Manorial System (850-1000 A.D.) was an economic
> and social system of medieval Europe under which peasants’
> land tenure and production were regulated, and local justice and
> taxation were administered. The system was intimately related
> to feudalism. The fundamental characteristic of the manorial
> system was economic—the peasants held land from the lord of
> 
> Economics of the Future Begins Today
> 
> an estate in return for fixed dues in kind, money, and services.
> The manorial system prevailed in most of Europe and as far
> away as India and Japan.
> 
> • Adam Smith (1723-1790) is considered the father of
> modern economics. His book, “Wealth of Nations”, includes
> the term ‘invisible hand ‘to describe the self-regulation of
> functioning markets and the idea that self-interest in free-market
> economies leads to economic prosperity.
> 
> • Thomas Robert Malthus (1766-1843) who studied
> populations, was one of the first economists to examine the
> relationship between inflation and population growth. He is
> known for his work on the relationship between populations
> and food supply, as well as economic rent theory. He wrote
> the book “An Essay on the Principle of Population”.
> 
> • Jeremy Bentham (1748-1832) is associated with the
> doctrine of utilitarianism. Being a visionary, he was a staunch
> advocator of universal suffrage and is regarded as the father
> of welfare economics. He wrote an entertaining “Handbook
> of Political Fallacies”.
> 
> • David Ricardo (1772 -1823) being inspired by Adam Smith’s
> “Wealth of Nations”, proposed the labour theory of value,
> which states that labour is the sole factor determining the price
> of a commodity. This idea is opposite that of demand, the
> foundation of capitalism. He wrote an Essay on the “Influence
> of a Low Price of Corn on the Profits of Stock”.
> 
> • John Stuart Mill (1806-1873) wrote the book “Principles
> of Political Economy”, based on the ideas of Smith and
> 
> A Brief History of Economics & Some Economists
> 
> Ricardo and it became the main economic text at that time. He
> is given credit for the notion of a free market economy, and
> advocated strongly for a democratic economy.
> 
> • Karl Marx (1818-1883) is famous for advocating
> communism and socialism. He is considered by many as the
> father of communism. He strongly denounced capitalism. He is
> a highly influential economist in economic history. He believed
> that in the evolution of society communism would be inevitable.
> His major work is “Das Kapital” (“Capital”).
> 
> • Alfred Marshall (1842-1924) mainly st udied
> microeconomics and he wrote “Principles of Economics”,
> one of the most well-known economics textbooks ever written.
> Marshall believed that economics was a science requiring less
> philosophy and more mathematics.
> 
> • Thorstein Veblen (1857-1929) was unconventional in his
> personal life as in his academic career and is known for his
> book, “The Theory of the Leisure Class” and his approach
> of ‘institutional economics’ which explored the effects of
> poverty, religion, and political affiliation — on productivity.
> 
> • Joseph Schumpeter (1883-1950) is known for his idea of
> ‘creative destruction’, implying that the economy is a cycle of
> productivity and collapse. He also laid the foundation for the
> concept of entrepreneurship. He is best known for his
> contributions to economic analysis – the theory of business cycles
> and development.
> 
> • John Maynard Keynes (1883-1946) was the most
> revolutionary economist of his time. He was against free market
> 
> Economics of the Future Begins Today
> 
> principles and felt that aggregate demand - not worker flexibility
> - played the most important role in employment. He believed in
> fiscal measures to correct recessions and depressions; a good
> example of this is the bailouts issued during the 2008 recession.
> He wrote “The Economic Consequences of the Peace”.
> 
> • Milton Friedman (1912-2006) advocated free markets, and
> his philosophies were the basis of the fiscal conservative
> movement. He advised President Richard Nixon and he served
> as president of the American Economic Association in 1967. He
> won the Nobel Memorial Prize in Economic Sciences.
> 
> • John Kenneth Galbraith (1908-2006) studied the part of
> corporations in the United States economy and in his book,
> “American Capitalism: The Concept of Countervailing
> Power”, criticized the influence of corporations replacing
> smaller firms. He is known for his three books, “American
> Capitalism”, “The Affluent Society”, and “The New
> Industrial State”.
> 
> • Robert Heilbroner (1919-2005) was a socialist and the
> author of “The Worldly Philosophers”. He criticized the
> study of economics and wanted a renewal of the field. The
> author of some twenty books, but mainly known for his
> book “The Worldly Philosophers: The Lives, Times and
> Ideas of the Great Economic Thinkers”.
> 
> Study of the Bahá’í Writings on
> Economics
> 
> Economics of the Future Begins Today
> 
> At the outset it has to be mentioned that, for the sake of
> simplicity, we are studying these Bahá’í Writings on economics
> briefly without going too deeply into their importance and
> implications. Volumes can be written on each of these Writings
> and each could be the subject of immense research. As time
> goes by we will realize their importance and how they can
> and will bring us towards a totally different economic system.
> Future economists will write books on how these Sacred
> Writings changed our spiritual, social and economic lives. So
> please bear in mind that the simplicity of the language and
> my feeble attempts to share my understanding of them does
> not do them justice. There are many Writings that could be
> mentioned here but I chose these on purpose because they
> cover many areas related to economics.
> 
> DIVINE ECONOMY
> What makes the “divine economy” different from all the economic
> systems of the world is its approach to the source of the economic
> problems and their solutions. In this way it differentiates itself
> from all the past and present economic theories and thoughts.
> “The secrets of the whole economic question are Divine in
> nature, and are concerned with the world of the heart and
> spirit. In the Bahá’í Teachings this is most completely
> explained, and without the consideration of the Bahá’í
> Teachings, it is impossible to bring about a better state.”
> - ‘Abdu’l-Bahá, The Bahá’í World, Volume 1V, p.448
> 
> “... By the statement ‘the economic solution is Divine in
> nature’ is meant that religion alone can, in the last resort,
> bring in man’s nature such a fundamental change as to enable
> 
> Study of the Bahá’í Writings on Economics
> 
> him to adjust the economic relationships of society. It is only
> in this way that man can control the economic forces that
> threaten to disrupt the foundations of his existence, and thus
> assert his mastery over the forces of nature.”
> - From a letter written on behalf of Shoghi Effendi to an individual
> believer, December 26, 1935, Lights of Guidance, p.551
> 
> These Writings clearly explain the difference between the
> present economic system and the divine economy which will
> characterize the future for mankind. The assumption that the
> economists made in the past and are still making is that man
> must maximize his satisfaction. That is, he wants the best for
> himself and does not care for the interest or welfare of others.
> Basically man is depicted as a selfish person and the economic
> systems catered to this assumption. It is no surprise that it has
> led us to so many crises. But the Bahá’í Writings explain that
> the whole question of economics is divine or spiritual in nature
> and that is a better foundation than selfishness or greediness.
> With this approach, man has a divine destiny and is not ruled
> just by man-made laws and regulations. It is fundamentally
> different because the Bahá’í economic system is based on
> man’s heart; it is founded solidly on the human spirit.
> 
> BAHÁ’Í ECONOMIC SYSTEM
> “There are practically no technical teachings on economics
> in the Cause, such as banking, the price system, and others.
> The Cause is not an economic system, nor can its Founders
> be considered as having been technical economists. The
> contribution of the Faith to this subject is essentially indirect,
> as it consists in the application of spiritual principles to our
> present-day economic system. Bahá’u’lláh has given us a
> 
> Economics of the Future Begins Today
> 
> few basic principles which should guide future Bahá’í
> economists in establishing such institutions which will adjust
> the economic relationships of the world.”
> - From a letter written on behalf of Shoghi Effendi to an
> individual believer, January 25, 1936, Lights of Guidance, p.551
> 
> We do not have a Bahá’í economic system at this time because
> we do not have the spiritual requirements for such a system,
> a system which would be divine in nature. We do not have the
> spiritual maturity to imagine such a system. But there will be
> a world commonwealth and we know that future economists
> in consultation with the Universal House of Justice will bring
> this into being. We can only prepare for this system by
> developing our spiritual capacity and contributing by our actions
> towards laying a foundation for that system.
> 
> THE STATION OF MAN
> “Lofty is the station of man, were he to hold fast to
> righteousness and truth and to remain firm and steadfast in
> the Cause... His is the loftiest station, and his influence
> educateth the world of being.”
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.220
> 
> “If, on the contrary, the spiritual nature of the soul has
> been so strengthened that it holds the material side in
> subjection, then does man approach the Divine; his humanity
> becomes so glorified that the virtues of the Celestial
> Assembly are manifested in him; he radiates the Mercy of
> God, he stimulates the spiritual progress of mankind, for he
> becomes a lamp to show light on their path.”
> - ‘Abdu’l-Bahá, Paris Talks, p.65-66
> 
> Study of the Bahá’í Writings on Economics
> 
> God has told us that He created man in His image. Man’s
> station is very high and he has a great spiritual destiny. But in
> the world of economics this is not recognized. Man is a
> labourer, a manager, or a consumer, and his contribution is
> limited to that. The system does not recognize that his spiritual
> aspirations need to be the goal for an economic system, a
> system that enables him and provides him with tools so that he
> can work towards his spiritual destiny and spiritual goals, to
> become a spiritual being who has a human experience, rather
> than a human being who has a spiritual experience.
> 
> MATERIAL CIVILIZATION AND SPIRITUAL
> CIVILIZATION
> “Material civilization has reached an advanced plane but
> now there is need of spiritual civilization. Material civilization
> alone will not satisfy; it cannot meet the conditions and
> requirements of the present age; its benefits are limited to
> the world of matter. There is no limitation to the spirit of
> man, for spirit in itself is progressive, and if the divine
> civilization be established, the spirit of man will advance.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.101
> 
> “As heretofore material civilization has been extended,
> the divine civilization must now be promulgated. Until the
> two agree, real happiness among mankind will be unknown.
> By mere intellectual development and power of reason,
> man cannot attain to his fullest degree - that is to say, by
> means of intellect alone he cannot accomplish the progress
> effected by religion.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.170
> 
> Economics of the Future Begins Today
> 
> The history of mankind has demonstrated that man hasn’t realized
> that he has two natures – one is his material nature and the other
> is his spiritual nature. History has demonstrated man’s
> development in terms of inventions, scientific knowledge, a higher
> standard of living and generally material progress. Man is satisfied
> that he has made great improvements and he can calculate
> yearly his gains. But the sad point is that his spiritual progress
> has not kept up with his material progress. Man’s ignorance
> about his nature, his spiritual nature, has made him basically
> one-sided – all his energies are spent on material gain. He does
> not know that he has a spiritual side and that his material progress
> depends on his spiritual progress, because all decisions made,
> if not made on a spiritual basis, will not be beneficial for his soul
> and his being. The perfect harmony is that in which material
> civilization and spiritual civilization go hand in hand. At present
> there is a great imbalance between the two civilizations.
> 
> THE NATURE OF THE ECONOMIC PROBLEM
> “Although the body politic is one family yet because of lack of
> harmonious relations some members are comfortable and some
> in direst misery, some members are satisfied and some are
> hungry, some members are clothed in most costly garments
> and some families are in need of food and shelter. Why? Because
> this family lacks the necessary reciprocity and symmetry. This
> household is not well arranged. This household is not living
> under a perfect law. All the laws which are legislated do not
> ensure happiness. They do not provide comfort.
> - ‘Abdu’l-Bahá, Foundation of World Unity, p.38
> 
> “Economic plans of reconstruction have been carefully devised,
> and meticulously executed. And yet crisis has succeeded crisis,
> 
> Study of the Bahá’í Writings on Economics
> 
> and the rapidity with which a perilously unstable world is
> declining has been correspondingly accelerated. A yawning
> gulf threatens to involve in one common disaster both the
> satisfied and dissatisfied nations, democracies and
> dictatorships, capitalists and wage-earners, Europeans and
> Asiatic, Jew and Gentile, white and coloured.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.190
> 
> Man’s inability to see that we as members of the human race are
> family, his dependence on his intellect, and his disregard for the
> moral/spiritual laws that must govern life, has led us to this state
> of crisis. Man has failed to understand that the welfare of the
> whole depends on his welfare and his welfare depends on the
> welfare of the whole. This selfish tendency of every man for
> himself has created the problems that we have at the moment. It
> does not matter how many laws we make, as long as man’s lower
> nature is not controlled, there will be chaos. What man needs is
> to understand that other human beings are part of him. Humanity
> can be compared to the human body. Just as the human body is
> connected and what happens to one part of the body affects the
> rest, so, too, we cannot ignore one part of humanity because it
> affects the whole. There was a time that people did not think
> beyond their own backyard. But with the development of technology
> and the arrival of the age of information, our backyard has been
> extended to the whole world and all of human kind. We cannot be
> indifferent and ignore what is going on in other parts of the world
> because directly or indirectly our lives are affected. An example
> would be stock markets in different parts of the world. If the stock
> market in China changes, the stock market in New York also changes.
> So we have to recognize that we are all in it together and we need
> to help each other in order to have a better spiritual and material life.
> 
> Economics of the Future Begins Today
> 
> THE ECONOMIC COST OF WARFARE
> “Peace is the pretext, and night and day they are all straining
> every nerve to pile up more weapons of war, and to pay for
> this their wretched people must sacrifice most of whatever
> they are able to earn by their sweat and toil. How many
> thousands have given up their work in useful industries and
> are labouring day and night to produce new and deadlier
> weapons which would spill out the blood of the race more
> copiously than before.
> Each day they invent a new bomb or explosive and then
> the governments must abandon their obsolete arms and
> begin producing the new, since the old weapons cannot hold
> their own against the new...”
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.61
> 
> “Observe that if such a happy situation be forthcoming, no
> government would need continually to pile up the weapons of
> war, nor feel itself obliged to produce ever new military weapons
> with which to conquer the human race. A small force for the
> purposes of internal security, the correction of criminal and
> disorderly elements and the prevention of local disturbances,
> would be required - no more. In this way the entire population
> would, first of all, be relieved of the crushing burden of
> expenditure currently imposed for military purposes, and
> secondly, great numbers of people would cease to devote their
> time to the continual devising of new weapons of destruction.”
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.65-66
> 
> We can readily calculate the allocation of a national budget for
> military forces and weapons and, at the same time, calculate
> 
> Study of the Bahá’í Writings on Economics
> 
> the cost of eradicating malaria, providing clean drinking water
> or educating one child. When you compare how much the
> money used for warfare could benefit the sick and needy, it is
> not difficult to understand how much we have wasted and
> continue to waste and how harmful it is. But the statistics do
> not tell the picture of the human lives that have been lost
> unnecessarily and the human suffering experienced. This suffering
> could have been avoided and could still be avoided. Imagine a
> world in which there is only one military for the whole world
> and one police force to ensure its security, so that costs are
> reduced and monies channeled into humanitarian pursuits.
> 
> CO-OPERATION VS. COMPETITION
> “In the world of nature we behold the living organisms in a
> ceaseless struggle for existence. Everywhere we are confronted
> by the evidences of the physical survival of the fittest. This
> is the very source of error and misapprehension in the opinions
> and the theories of man who fail to realize that the world of
> nature is inherently defective in cause and outcome and that
> the defects therein must be removed by education.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.400
> 
> “In nature there is the law of the survival of the fittest. Even
> if man be not educated, then according to the natural institutes
> this natural law will demand of man supremacy. The purpose
> and object of schools, colleges and universities is to educate
> man and thereby rescue and redeem him from the exigencies
> and defects of nature and to awaken within him the capability
> of controlling and appropriating nature’s bounties.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.353
> 
> Economics of the Future Begins Today
> 
> Man began his existence during the Stone Age and survival of
> the fittest was the rule of the land. He had to compete with the
> elements and hunt for food for his survival. But unfortunately
> as man’s intellect developed and his economic circumstances
> improved, he still continued to behave in the same manner.
> Now the scenario has changed. Instead of hunting and fighting
> for territory, the firms fight and compete. The big fish eats the
> small fish and this is considered success. But it is time for the
> fish to live together. We have to educate ourselves to get rid
> of this remnant of Stone Age behavior which has no place in
> a modern society. If we want to compete, it should be in the
> spiritual realm; we should strive to be the most generous person,
> to be the most kind. That is real competition.
> 
> CAPITALISM
> There is a strong belief in the world that capitalism is a
> solution to all economic problems. But we know that no
> system is perfect, whether it be capitalism or communism, if
> the foundation is not built on divine principles.
> “There is nothing in the teachings against some kind of
> capitalism; its present form, though, would require
> adjustments to be made.”
> - Shoghi Effendi, Directives from the Guardian, p.19
> 
> There is a perception that capitalism is based on freedom and
> ideally is a perfect system. But the reality is, as the Bahá’í Writings
> tell us, it is not divine and it is not founded on divine principles.
> In its present form corruption, greed, and selfishness are manifest
> and it has led to many economic disasters. Many who dislike a
> communist system believe that capitalism is the solution. But this
> 
> Study of the Bahá’í Writings on Economics
> 
> is not true because no system is perfect if it is not built on divine
> principles. So capitalism has many merits but in the present form
> it is not going to be the future economic system of the world.
> 
> THE GOLDEN RULE
> “...‘All economic problems may be solved by the application
> of the Science of the Love of God’. That is to say: If the
> Rule called golden ... were actually applied to the world’s
> economic problems, which if not solved bid fair to destroy
> us, and the love of God, the sort of love which makes a
> home life happy, were used as a scientific measurement to
> regulate our international and national affairs; to settle all
> relations between labour and capital, between rich and poor,
> to regulate all coinage and commerce, can there be any
> doubt that the results would be far more conducive to human
> welfare than our present policies have produced?”
> - ‘Abdu’l-Bahá, Portals to Freedom, p.156
> 
> The cause of most of the problems in the world is a lack of
> empathy in that people are unable to put themselves in the place
> of others and can’t imagine, for example, how it feels to be
> poor or how it feels to be jobless. When we don’t have empathy,
> we become numb to the sufferings of others and don’t
> understand the implications of our actions and words and their
> consequences.
> If the owner of a factory would understand the struggles of
> the working class, what they experience and how they juggle to
> manage their incomes and pay their bills, he would ensure that
> they receive fare wages and the workers would know that their
> employer understands their situation. In the same way, if the
> workers or employees have empathy, they would understand
> 
> Economics of the Future Begins Today
> 
> what a difficult job it is to run a factory. Both the employer
> and employee would be aware of each other’s struggles and
> realize that decisions made are for the benefit of both. Then
> we wouldn’t experience so many disruptions in economic
> activities such as strikes and “work to rule”.
> Below are some Writings from different religions on this subject.
> After reading them, you may realize that different religions are in
> agreement and derive their inspiration from the same Source.
> “We are as much alive as we keep the Earth alive.”
> - Chief Dan George
> 
> “One should treat all creatures in the world as one would
> like to be treated.”
> - Mahavira, Sutrakritanga (Jainism)
> 
> “I am a stranger to no one; and no one is a stranger to me.
> Indeed, I am a friend to all.”
> - Guru Granth Sahib, p.1299 (Sikhism)
> 
> “Regard your neighbor’s gain as your own gain and your
> neighbor’s loss as your own loss.”
> - T’ai Shang Kan Ying P’ien, 213-218 (Taoism)
> 
> “Not one of you truly believes until you wish for others
> what you wish for yourself.”
> - Muhammad, Hadith (Islam)
> 
> “Lay not on any soul a load which ye would not wish to be
> laid upon you, and desire not for anyone the things ye would
> not desire for yourself.”
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh,
> p.128 (Bahá’í Faith)
> 
> Study of the Bahá’í Writings on Economics
> 
> “Do not do unto others whatever is injurious to yourself.”
> - Shayast-na-Shayast 13.29 (Zoroastrianism)
> 
> “Treat not others in ways that you yourself would find hurtful.”
> - The Buddha, Udana-Varga 5.18 (Buddhism)
> 
> “This is the sum of duty: do not do to others what would
> cause pain if done to you . . .
> - Mahabharata 5:1517 (Hinduism)
> 
> “In everything, do to others as you would have them do to you.”
> - Jesus, Matthew 7:12 (Christianity)
> 
> “One word which sums up the basis of all good conduct. . .
> loving kindness. Do not do to others what you do not want
> done to yourself.”
> - Confucius, Analects 15.23
> 
> “What is hateful to you, do not do to your neighbor. This
> is the whole Torah; all the rest is commentary.”
> - Hillel, Talmud, Shabbath 31a (Judaism)
> 
> WEALTH
> “O SON OF BEING!
> Busy not thyself with this world, for with fire We test the
> gold, and with gold We test Our servants.”
> - Bahá’u’lláh, The Hidden Words, Arabic No.55
> 
> “ ... Wealth is most commendable, provided the entire
> population is wealthy. If, however, a few have inordinate
> riches while the rest are impoverished, and no fruit or
> 
> Economics of the Future Begins Today
> 
> benefit accrues from that wealth, then it is only a liability
> to its possessor.”
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.24
> 
> “O SON OF MAN!
> Thou dost wish for gold and I desire thy freedom from it.
> Thou thinkest thyself rich in its possession, and I recognize
> thy wealth in thy sanctity therefrom. By My life! This is my
> knowledge, and that is thy fancy; how can My way accord
> with thine?”
> - Bahá’u’lláh, The Hidden Words, Arabic No.56
> 
> People tend to believe that wealth is good and always a
> relief. The Bahá’í Teachings do not agree. There is nothing
> against getting rich as long as we are aware of the dangers
> that it can bring. There is no doubt that material possessions
> and wealth can be wonderful tools but they can be extremely
> harmful too. Studies have shown that quality of life does not
> necessarily increase with an increase in wealth. In many cases,
> it has been the reverse. Winning a lottery is not necessarily a
> blessing if we don’t have the capacity to handle material
> wealth. Also, often people who have won a lottery or gained
> a fortune find themselves very isolated and lonely because
> they cannot trust other people to befriend them just for
> themselves; instead people want to be close to them in order
> to gain some of their wealth. Many who gain wealth have
> more problems than they did before and it often changes their
> character. Money is a test and some pass, using it for charity
> and good causes but some do not pass, spending it on harmful
> and excessive behavior. Money does not guarantee happiness.
> We have to possess the spiritual capacity to handle the test.
> 
> Study of the Bahá’í Writings on Economics
> 
> MODERATION
> “... In all matters moderation is desirable. If a thing is
> carried to excess, it will prove a source of evil...”
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.69
> 
> “Fear ye God, and take heed not to outstrip the bounds of
> moderation, and be numbered among the extravagant.”
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh, p.251
> 
> We live in an age of excess and everything seems to be out
> of proportion. People don’t seem to understand the concept
> of moderation in this materialistic society. The popular belief is
> that more is better and bigger is better. Excess causes a lifestyle
> of consumerism in which people spend money for things that
> they really don’t need while their fellow human beings are
> dying of starvation. If people spent some of their money on
> the poor instead of engaging in excessive spending, it would
> help to lessen the gap between the rich and poor. Materialism
> feeds our egos and has therefore caused so much harm to our
> souls. Moderation is in itself a blessing if one can practice it.
> 
> VOLUNTARY SHARING
> “Man reacheth perfection through good deeds, voluntarily
> performed, not through good deeds the doing of which was
> forced upon him. And sharing is a personally chosen righteous
> act: that is, the rich should extend assistance to the poor,
> they should expend their substance for the poor, but of their
> own free will, and not because the poor have gained this
> end by force. For the harvest of force is turmoil and the
> ruin of the social order. On the other hand voluntary sharing,
> 
> Economics of the Future Begins Today
> 
> the freely-chosen expending of one’s substance, leadeth to
> society’s comfort and peace.”
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.115
> 
> The concept of sharing is quite foreign in modern-day societies
> because there is a sense of entitlement – “I’ve earned this. I’ve
> got it and it’s mine. Why should I share it?” Many systems have
> been introduced, notably communism, which promoted
> equality and sharing. But it was a sharing by force, rather than
> voluntarily and it didn’t work. But when man reaches a higher
> level of spirituality, he will realize the pleasure of sharing
> voluntarily. We are only beginning to see glimpses of this in our
> society. I believe in the future this will become common as people
> discover the pleasure and satisfaction in sharing and being
> generous, rather than hoarding something for only their use.
> 
> EQUALITY
> “Social inequality is the inevitable outcome of the natural
> inequality of man. Human beings are different in ability and
> should, therefore, be different in their social and economic
> standing. Extremes of wealth and poverty should, however,
> be abolished.”
> - Shoghi Effendi, Directives from the Guardian, p.20
> 
> “For the community needs financier, farmer, merchant and
> labourer just as an army must be composed of commander,
> officers and privates. All cannot be commanders; all cannot
> be officers or privates. Each in his station in the social
> fabric must be competent - each in his function according
> to ability but with justness of opportunity for all.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.216
> 
> Study of the Bahá’í Writings on Economics
> 
> Equality does not mean that everybody is paid the same amount
> or that everyone does the same thing (as in communism)
> because by creation we are not equal. Every person is unique
> with his own talents. But extremes of wealth need to be
> limited so that everyone is given the opportunity to live a
> comfortable life. In society all can not be engineers, all can not
> be farmers, all can not be army personnel, all cannot be
> teachers. There are different roles for everyone and everyone
> is equal in terms of opportunities, not necessarily salaries.
> 
> WOMEN’S EQUAL RIGHTS
> “... there must be an equality of rights between men and
> women. Women shall receive an equal privilege of education.
> This will enable them to qualify and progress in all degrees
> of occupation and accomplishment. For the world of humanity
> possesses two wings: man and woman. If one wing remains
> incapable and defective, it will restrict the power of the
> other, and full flight will be impossible. Therefore, the
> completeness and perfection of the human world is
> dependent upon the equal development of these two wings.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.318
> 
> It is sad to observe that still mankind is flying with one wing
> and great talents and human qualities have deprived the world.
> In many societies in the world women are not even allowed to
> work so that a section of society is not contributing to the
> economy, the welfare, the happiness, and quality of life. A
> whole society loses out in this scenario. Imagine when man
> and woman are equal in rights and are able to work together
> to create prosperity and happiness in the world.
> 
> Economics of the Future Begins Today
> 
> BENEVOLENCE
> “ ... In the Teachings of Bahá’u’lláh benevolence (is enjoined)
> and this is greater than equality. Equality is attained through
> force, but benevolence is a voluntary act (or is a matter of
> choice). Man’s perfection is achieved through good deeds
> done voluntarily, not by good deeds done through compulsion,
> and benevolence is a good deed performed voluntarily. That
> means that the rich should be benevolent towards the
> poor - that is, give to the poor, but by their own free will and
> desire - not that the poor should compel the rich to do so.
> For compulsion breeds discord, and disrupts the order in
> human affairs. For benevolence, which is voluntary
> benefaction, engenders peacefulness in the world of humanity,
> and it brings illumination to the realm of man.”
> - ‘Abdu’l-Bahá, World Order Magazine, January 1949
> 
> In recent years some multi-billionaires have begun donating most
> of their money to charitable organizations. This is benevolence.
> This is the sign of the new race of men, defined by man reaching
> such a spiritual understanding that he finds pleasure and happiness
> in giving away his earnings rather than hoarding them for himself.
> This is the stage that mankind has to reach, wherein everyone
> realizes that money is a tool, not the goal of his life, and that he
> can use this tool to make a difference and to make life easier
> for others. That realization is a sign of spiritual maturity.
> Benevolence is not just for the rich; it is a sense of giving that
> anyone can practice regardless of their material status.
> 
> JUSTICE
> “We ask God to endow human souls with justice so that
> they may be fair, and may strive to provide for the comfort
> 
> Study of the Bahá’í Writings on Economics
> 
> of all, that each member of humanity may pass his life in
> the utmost comfort and welfare. Then this material world
> will become the very paradise of the Kingdom, this elemental
> earth will be in a heavenly state and all the servants of God
> will live in the utmost joy, happiness and gladness.”
> - ‘Abdu’l-Bahá, Foundation of World Unity, p.43
> 
> “Among the results of the manifestation of spiritual forces
> will be that the human world will adapt itself to a new
> social form, the Justice of God will become manifest
> throughout human affairs, and human equality will be
> universally established.
> The essence of the matter is divine justice will become
> manifest in human conditions and affairs, and all mankind
> will find comfort and enjoyment in life.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132
> 
> The kingdom of God on earth will be realized when injustice
> has been eradicated. Everyone is at the moment fighting for
> some kind of justice, either racial, political, economic or
> sexual, and this is the beginning. It will be a long journey for
> mankind to reach the point of understanding that justice is
> essential for all aspects of life.
> 
> AGRICULTURE - THE FARMER
> “… we must begin with the farmer, there will we lay a
> foundation for system and order because the peasant class
> and the agriculture class exceed other classes in the
> importance of their service.”
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.39
> 
> Economics of the Future Begins Today
> 
> “The question of economics must commence with the farmer
> and then be extended to the other classes, inasmuch as the
> number of farmers is greater than all other classes, many
> many times greater. Therefore it is fitting that the economic
> problem be first solved with the farmer, for the farmer is
> the first active agent in the body politic. In brief, from
> among the wise men in every village a board should be
> organized and the affairs of that village should be under the
> control of that board.”
> - ‘Abdu’l-Bahá, Extract from a Tablet to an individual believer,
> October 4, 1912, translation corrected in the World Centre,
> December 1985; cited in Lights of Guidance, p.547
> 
> The basis of the economic system of the future will be on a local
> level and will start with the farmer. The role of the farmer is
> extremely important because the actions of the food industry
> at the present time are affecting the health and survival of
> mankind. People are questioning the quality of the food we put
> in our bodies. The methods of production of vegetables, meat,
> grains etc, are questionable to say the least. The greed in this
> industry and the short cuts taken in production have been linked
> to a higher incidence of life-threatening diseases. New research
> is pointing to the importance of organic food and herbs as a
> cure for many sicknesses. If the future of medicine is in the
> prevention of disease through nutrition, then farmers are vital not
> only for providing us with food but also giving us health.
> 
> WORK AND PROFESSION
> “ ... Every individual, no matter how handicapped and
> limited he may be, is under the obligation of engaging in
> some work or profession, for work, specially when performed
> 
> Study of the Bahá’í Writings on Economics
> 
> in the spirit of service, is according to Bahá’u’lláh a form
> of worship. It has not only a utilitarian purpose, but has a
> value in itself, because it draws us nearer to God, and
> enables us to better grasp His purpose for us in this world.
> It is obvious, therefore, that the inheritance of wealth cannot
> make anyone immune from daily work.”
> - From a letter written on behalf of Shoghi Effendi to the
> National Spiritual Assembly of the Bahá’ís of the United States
> and Canada, March 22, 1937; cited in Lights of Guidance, p.624
> 
> “... Whatever the progress of the machinery may be, man
> will have always to toil in order to earn his living. Effort is
> an inseparable part of man’s life. It may take different forms
> with the changing conditions of the world, but it will be
> always present as a necessary element in our earthly
> existence. Life is after all a struggle. Progress is attained
> through struggle, and without such a struggle life ceases to
> have a meaning; it becomes even extinct. The progress of
> machinery has not made effort unnecessary. It has given it
> a new form, a new outlet.”
> - Shoghi Effendi, Letter written to an individual believer, dated
> December 26, 1935, Lights of Guidance, p.551
> 
> “ ... Share your time with God. Spend half of the day in search
> of livelihood, guaranteeing your material life and dignified
> appearance, and dedicate the other half in the acquisition of
> moral virtues and service at the threshold of God...”
> - ‘Abdu’l-Bahá, Áhang-i-Badí’, volume 31, number 339, p.83.
> (pilgrim’s note)
> 
> Everyone can make a contribution to society through their
> work. It doesn’t have to be physical work but there is no
> 
> Economics of the Future Begins Today
> 
> room for idleness. There’s a satisfaction in working,
> especially if you are doing work with a sense of service and
> then it becomes our daily worship. And by engaging in work
> or a profession, we are contributing to the progress of
> society and an ever-advancing civilization. Acquiring virtues
> is the goal and earning a livelihood is the means.
> 
> WAGES
> “… The Master has definitely stated that wages should be
> unequal, simply because that men are unequal in their ability,
> and hence should receive wages that would correspond to
> their varying capacities and resources. This view seems to
> contradict the opinion of some modern economists. But the
> friends should have full confidence in the words of the Master,
> and should give preference to His statements over those
> voiced by our so-called modern thinkers.”
> - Shoghi Effendi, Lights of Guidance, p.551
> 
> “The workers could either be granted a wage that adequately
> meets their daily needs, as well as a right to a share in the
> revenues of the factory when they are injured, incapacitated,
> or unable to work, or else a wage could be set that allows
> the workers to both satisfy their daily needs and save a
> little for times of weakness and incapacity.”
> - ‘Abdu’l-Bahá, Some Answered Questions, revised edtion
> (2014), p.317
> 
> “Now I want to tell you about the law of God. According
> to the Divine law, employees should not be paid merely by
> wages. Nay, rather they should be partners in every work.”
> - ‘Abdu’l-Bahá, Bahá’u’lláh and New Era, p.160
> 
> Study of the Bahá’í Writings on Economics
> 
> As we have discussed previously, absolute equality of wages
> is impossible because every man has different capacities and
> talents. But everyone has to be paid enough to live a comfortable
> life, one that is acceptable from all points of view so that a
> workman feels that he has been appreciated for his work. His
> wages should be enough to cover his expenses, provide for
> the education of his children, and to enable him to accumulate
> some savings. That is fair wages. Also, if workers are paid a
> portion of the profit of a factory or firm, they will have a sense
> of ownership and they will work harder because they
> understand the benefits. The owners will need to supervise
> less because they know that the workers are partners in the
> business and they can relax and have peace of mind.
> 
> TAXATION
> “We see you adding every year unto your expenditures and
> laying the burden thereof on the people whom ye rule; this
> verily is naught but grievous injustice. Fear the sighs and
> tears of this Wronged One, and burden not your peoples
> beyond that which they can endure.”
> - Bahá’u’lláh, The World Order of Bahá’u’lláh, p.40
> 
> “Each person in the community whose need is equal to his
> individual producing capacity shall be exempt from taxation.
> But if his income is greater than his needs, he must pay a
> tax until an adjustment is effected. That is to say, man’s
> capacity for production and his needs will be equalized and
> reconciled through taxation. If his production exceeds, he
> will pay a tax; if his necessities exceed his production he
> shall receive an amount sufficient to equalize or adjust.
> 
> Economics of the Future Begins Today
> 
> Therefore taxation will be proportionate to capacity and
> production, and there will be no poor in the community.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.217
> 
> Taxation is one of the fundamental principles of any economic
> system. ‘Abdu’l-Bahá has proposed graduated taxes which means
> that the more one makes, the more taxes he pays. Taxes have to
> be fair and they are levied only after someone has paid all of his
> expenses and has money left over. This method doesn’t
> compromise with the quality of life of the individual and monies
> collected from the taxes are spent on the poor and underprivileged,
> reducing the number of those who are in need in the community.
> 
> HUQÚQU’LLÁH (RIGHT OF GOD)
> “The minimum amount subject to Huqúqu’lláh is reached
> when one’s possessions are worth the number of Vahid (19);
> that is, whenever one owneth 19 mithqals of gold, or
> acquireth possessions attaining this value, after having
> deducted therefrom the yearly expenses, the Huqúq
> becometh applicable and its payment is obligatory.”
> - Bahá’u’lláh, The Compilation of Compilations, Vol. 1, p.493;
> Huqúqu’lláh - The Right of God, No.44
> 
> In addition to taxation, Bahá’u’lláh has devised another means
> to narrow the gap between the rich and the poor. It is the
> Right of God which is given voluntarily when an individual
> earns more than all his needs. At that point he gives a voluntary
> set percentage of his assets. It is important to note that taxes
> collected, added to money given to charity, as well as giving
> to the Bahá’í fund with money given as the Right of God can
> really bridge the gap between the two extremes.
> 
> Study of the Bahá’í Writings on Economics
> 
> RATE OF INTEREST
> “Therefore as a token of favor towards men We have
> prescribed that interest on money should be treated like
> other business transactions that are current amongst men.
> Thus, now that this lucid commandment hath descended
> from the heaven of the Will of God, it is lawful and proper
> to charge interest on money, that the people of the world
> may, in a spirit of amity and fellowship and with joy and
> gladness, devotedly engage themselves in magnifying the
> Name of Him Who is the Well-Beloved of all mankind. Verily,
> He ordaineth according to His Own choosing. He hath now
> made interest on money lawful, even as He had made it
> unlawful in the past.”
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.133-134
> 
> In this quotation “the past” refers to Islam in which interest
> was forbidden. It is very difficult to run a banking system
> without interest. But in many societies, the rate of interest is
> extremely high, on credit cards and student loans, for example.
> A high interest on a student loan is unfair because students
> charged with this interest do not have jobs to pay the loan or
> the interest and need to keep paying it for many years once
> they enter the workforce. That puts a heavy burden on the
> economic life of the individual which, in turn, diminishes his
> quality of life. Bahá’u’lláh emphasized the concept of a good
> loan, meaning that the rate of interest had to be such that it did
> not burden the borrower and that it benefited everyone. The
> person or firm lending the money gets an adequate amount of
> interest and the person borrowing is happy because he can
> afford to pay it. A good loan is basically a rate of interest that
> is fair and reasonable, using the principle of moderation.
> 
> Economics of the Future Begins Today
> 
> ECONOMIC RESOURCES
> “... The economic resources of the world will be organised,
> its sources of raw materials will be tapped and fully utilized,
> its markets will be coordinated and developed, and the
> distribution of its products will be equitably regulated.
> ... The enormous energy dissipated and wasted on war,
> whether economic or political, will be consecrated to such
> ends as will extend the range of human inventions and technical
> development, to the increase of the productivity of mankind, to
> the extermination of disease, to the extension of scientific
> research, to the raising of the standard of physical health, to
> the sharpening and refinement of the human brain, to the
> exploitation of the unused and unsuspected resources of the
> planet, to the prolongation of human life, and to the furtherance
> of any other agency that can stimulate the intellectual, the
> moral, and spiritual life of the entire human race...”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.204
> 
> The economic resources of the world belong to every human being
> on this planet. It does not matter where the oil fields or the uranium
> mines are located. Every human being is entitled to them. Once
> humanity has reached this spiritual understanding, there will be a
> better utilization of resources. They will be distributed in a fair
> and just way for the betterment of mankind and the advancement
> of science and technology, rather than making them the means
> of destruction such as the atom bomb and nuclear weapons.
> 
> ECONOMIC BARRIERS
> “That a narrow and brutal nationalism, which the postwar
> theory of self-determination has served to reinforce, has
> 
> Study of the Bahá’í Writings on Economics
> 
> been chiefly responsible for the policy of high and prohibitive
> tariffs, so injurious to the healthy flow of international trade
> and to the mechanism of international finance, is a fact
> which few would venture to dispute.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.35
> 
> “A world community in which all economic barriers will
> have been ... demolished ...”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.41
> 
> Every economic barrier created by narrow-minded
> nationalism is a hindrance toward achieving the oneness of
> mankind. When economic barriers such as tariffs, and
> import-export taxes are removed, and the employment of
> different currencies and weights and measures around the
> world unified, we will move closer to a world commonwealth,
> a system for all nations.
> 
> STRIKES
> “You have asked about strikes. Great difficulties have arisen
> and will continue to arise from this issue. The origin of
> these difficulties is twofold: One is the excessive greed and
> rapacity of the factory owners, and the other is the gratuitous
> demands, the greed, and the intransigence of the workers.
> One must therefore seek to address both.
> Now, the root cause of these difficulties lies in the
> law of nature that governs present-day civilization, for it
> results in a handful of people accumulating vast fortunes
> that far exceed their needs, while the greater number
> remain naked, destitute, and helpless. This is at once
> contrary to justice, to humanity, and to fairness; it is the
> 
> Economics of the Future Begins Today
> 
> very height of inequity and runs counter to the good-
> pleasure of the All-Merciful.
> This disparity is confined to the human race: Among
> other creatures, that is, among the animals, a certain kind
> of justice and equality prevails. Thus there is equality within
> a shepherd’s flock, or within a herd of deer in the wilderness,
> or among the songbirds that dwell in the mountains, plains,
> and orchards. The animals of every species enjoy a measure
> of equality and do not differ greatly from one another in
> their means of existence, and thus they live in perfect peace
> and joy.
> It is quite otherwise with the human race, where the
> greatest oppression and injustice are to be found. Thus you
> can observe, on the one hand, a single person who has
> amassed a fortune, made an entire country his personal
> dominion, acquired immense wealth, and secured an
> unceasing flow of gains and profits, and, on the other, a
> hundred thousand helpless souls—weak, powerless, and
> wanting even a mouthful of bread. There is neither equality
> here nor benevolence. Observe how, as a result, general
> peace and happiness have become so wanting, and the
> welfare of humanity so undermined, that the lives of a vast
> multitude have been rendered fruitless! For all the wealth,
> power, commerce, and industry are concentrated in the hands
> of a few individuals, while all others toil under the burden
> of endless hardships and difficulties, are bereft of advantages
> and benefits, and remain deprived of comfort and peace.
> One must therefore enact such laws and regulations as will
> moderate the excessive fortunes of the few and meet the
> basic needs of the myriad millions of the poor, that a degree
> of moderation may be achieved.
> 
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> 
> However, absolute equality is just as untenable, for
> complete equality in wealth, power, commerce, agriculture,
> and industry would result in chaos and disorder, disrupt
> livelihoods, provoke universal discontent, and undermine
> the orderly conduct of the affairs of the community. For
> unjustified equality is also fraught with peril. It is preferable,
> then, that some measure of moderation be achieved, and by
> moderation is meant the enactment of such laws and
> regulations as would prevent the unwarranted concentration
> of wealth in the hands of the few and satisfy the essential
> needs of the many. For instance, the factory owners reap a
> fortune every day, but the wage the poor workers are paid
> cannot even meet their daily needs: This is most unfair, and
> assuredly no just man can accept it. Therefore, laws and
> regulations should be enacted which would grant the workers
> both a daily wage and a share in a fourth or fifth of the
> profits of the factory in accordance with its means, or which
> would have the workers equitably share in some other way
> in the profits with the owners. For the capital and the
> management come from the latter and the toil and labour
> from the former. The workers could either be granted a
> wage that adequately meets their daily needs, as well as a
> right to a share in the revenues of the factory when they are
> injured, incapacitated, or unable to work, or else a wage
> could be set that allows the workers to both satisfy their
> daily needs and save a little for times of weakness and
> incapacity.
> If matters were so arranged, neither would the factory
> owners amass each day a fortune which is absolutely of no
> use to them—for should one’s fortune increase beyond
> measure, one would come under a most heavy burden,
> 
> Economics of the Future Begins Today
> 
> become subject to exceeding hardships and troubles, and
> find the administration of such an excessive fortune to be
> most difficult and to exhaust one’s natural powers—nor
> would the workers endure such toil and hardship as to
> become incapacitated and to fall victim, at the end of their
> lives, to the direst need.
> It is therefore clearly established that the appropriation
> of excessive wealth by a few individuals, notwithstanding
> the needs of the masses, is unfair and unjust, and that,
> conversely, absolute equality would also disrupt the
> existence, welfare, comfort, peace, and orderly life of the
> human race. Such being the case, the best course is
> therefore to seek moderation, which is for the wealthy to
> recognize the advantages of moderation in the acquisition
> of profits and to show regard for the welfare of the poor
> and the needy, that is, to fix a daily wage for the workers
> and also to allot them a share of the total profits of the
> factory.
> In brief, insofar as the mutual rights of the factory
> owners and the workers are concerned, laws must be
> enacted that would enable the former to make reasonable
> profits and the latter to be provided with their present
> necessities and their future needs, so that if they become
> incapacitated, grow old, or die and leave behind small
> children, they or their children will not be overcome by dire
> poverty but will receive a modest pension from the revenues
> of the factory itself.
> For their part, the workers should not make excessive
> demands, be recalcitrant, ask for more than they deserve,
> or go on strike. They should obey and comply and make no
> demands for exorbitant wages. Rather, the mutual and
> 
> Study of the Bahá’í Writings on Economics
> 
> equitable rights of both parties should be officially fixed
> and established according to the laws of justice and
> compassion, and any party that violates them should be
> condemned after a fair hearing and be subject to a definitive
> verdict enforced by the executive branch, so that all affairs
> may be appropriately ordered and all problems adequately
> resolved.
> The intervention of the government and the courts in
> the problems arising between owners and workers is fully
> warranted, since these are not such particular matters as
> are ordinary transactions between two individuals, which
> do not concern the public and in which the government
> should have no right to interfere. For problems between
> owners and workers, though they may appear to be a private
> matter, are detrimental to the common good, since the
> commercial, industrial, and agricultural affairs, and even
> the general business of the nation, are all intimately linked
> together: An impairment to one is a loss to all. And since
> the problems between owners and workers are detrimental
> to the common good, the government and the courts have
> therefore the right to intervene.
> Even in the case of differences that arise between two
> individuals with regard to particular rights, a third party,
> namely the government, is needed to resolve the dispute.
> How, then, can the problem of strikes, which entirely disrupt
> the country—whether they arise from the inordinate demands
> of the workers or the excessive greed of the factory
> owners—remain neglected?
> Gracious God! How can one see one’s fellow men
> hungry, destitute, and deprived, and yet live in peace and
> comfort in one’s splendid mansion? How can one see
> 
> Economics of the Future Begins Today
> 
> others in the greatest need and yet take delight in one’s
> fortune? That is why it has been decreed in the divine
> religions that the wealthy should offer up each year a
> portion of their wealth for the sustenance of the poor
> and the assistance of the needy. This is one of the
> foundations of the religion of God and is an injunction
> binding upon all. And since in this regard one is not
> outwardly compelled or obliged by the government, but
> rather aids the poor at the prompting of one’s own heart
> and in a spirit of joy and radiance, such a deed is most
> commendable, approved, and pleasing.
> This is the meaning of the righteous deeds mentioned in
> the heavenly Books and Scriptures.”
> - ‘Abdu’l-Bahá, Some Answered Questions, p.315-320
> 
> “Today the method of demand is the strike and resort to
> force, which is manifestly wrong and destructive of human
> foundations. Rightful privilege and demand must be set
> forth in laws and regulations.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.238
> 
> This topic is explained in such detail by ‘Abdu’l-Bahá that any
> commentary is unnecessary. Beside the economic loss due to
> strikes, there is a spiritual price that it causes. So much disunity
> it creates, so much hatred, so much mistrust. Those bad feelings
> do far more damage in a society than the economic ones.
> 
> SCIENCE AND TECHNOLOGY
> “Science cannot create amity and fellowship in human
> hearts.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.171
> 
> Study of the Bahá’í Writings on Economics
> 
> “The development and progress of a nation is according
> to the measure and degree of that nation’s scientific
> attainments. Through this means its greatness is continually
> increased, and day by day the welfare and prosperity of its
> people are assured.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.49
> 
> “A scientific man is a true index and representative of
> humanity, for through processes of inductive reasoning and
> research he is informed of all that appertains to humanity, its
> status, conditions and happenings. He studies the human body
> politic, understands social problems and weaves the web and
> texture of civilization. In fact, science may be likened to a
> mirror wherein the infinite forms and images of existing things
> are revealed and reflected. It is the very foundation of all
> individual and national development. Without this basis of
> investigation, development is impossible.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.50
> 
> One of the fundamental principles of the Bahá’í Faith is the
> harmony between science and religion. Science is a very
> important tool for creating unity. How can mankind achieve
> unity in the world without communication devices such as
> internet and the telephone? They have an important role but
> they are also not the masters of the situation. They are
> tools that, used properly, will contribute to the achievement
> of world unity. But we also need religion. Science cannot
> prove the existence of religion as yet but it doesn’t mean
> that it is contrary to religion. As science and technology
> develop, they can prove the benefits of religion rather than
> overlooking its worth.
> 
> Economics of the Future Begins Today
> 
> THE POOR AND NEEDY
> “Know ye that the poor are the trust of God in your midst.
> Watch that ye betray not His trust, that ye deal not unjustly
> with them and that ye walk not in the ways of the treacherous.
> Ye will most certainly be called upon to answer for His trust
> on the day when the Balance of Justice shall be set, the day
> when unto every one shall be rendered his due, when the
> doings of all men, be they rich or poor, shall be weighed.”
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh, p.251
> 
> “O SON OF MAN!
> Bestow My wealth upon My poor, that in heaven thou mayest
> draw from stores of unfading splendor and treasures of
> imperishable glory. But by My life! To offer up thy soul is a
> more glorious thing couldst thou but see with Mine eye.”
> - Bahá’u’lláh, The Hidden Words, Arabic No.57
> 
> “O CHILDREN OF DUST!
> Tell the rich of the midnight sighing of the poor, lest
> heedlessness lead them into the path of destruction, and
> deprive them of the Tree of Wealth. To give and to be
> generous are attributes of Mine; well is it with him that
> adorneth himself with My virtues.”
> - Bahá’u’lláh, The Hidden Words, Persian No.49
> 
> “O people of wealth and riches! If you see a poor man
> suffering from any calamity, do not run away from him but
> sit with him and ask him about the things heaped upon him
> from the seas of determination and predestination.”
> - ‘Abdu’l-Bahá, The Bahá’í World, Vol. IV, p.453
> 
> Study of the Bahá’í Writings on Economics
> 
> As we become more spiritually aware, we realize that we
> have a very important responsibility and duty to look after
> the poor and needy, to make sure that they are cared for and
> live happily. This is a God-given duty. They have been
> entrusted to us and by caring for them we take a step towards
> the unity of mankind and a society in which there are no
> poor.
> 
> WORLD CURRENCY
> “... a uniform and universal system of currency, of weights
> and measures, will simplify and facilitate intercourse and
> understanding among the nations and races of mankind ...”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> In order to achieve the oneness of mankind, a uniform and
> universal currency and means of weights and measures is
> necessary. Those who have travelled understand the difficulty
> of going from one country to another and having to exchange
> currencies and figure out different weights and measures.
> Once this uniformity is achieved, travelling to different
> countries will be like travelling from one city to another in
> one’s own country. So much time and energy will be saved
> in a world with one currency and one method of weights and
> measures. In Europe some of the countries adopted one
> currency (Euro) and although it has had its problems, it
> definitely is a step in the right direction.
> 
> WORLD COMMONWEALTH
> “From every standpoint the world of humanity is
> undergoing a reformation ... scientific ideas and theories
> 
> Economics of the Future Begins Today
> 
> are developing and advancing to meet a new range of
> phenomena; invention and discovery are penetrating
> hitherto unknown fields, revealing new wonders and hidden
> secrets of the material universe; industries have vastly
> wider scope and production; everywhere the world of
> mankind is in the throes of evolutionary activity indicating
> the passing of the old conditions and advent of the new
> age of reformation.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.439
> 
> “The world’s equilibrium hath been upset through the
> vibrating influence of this most great, this new World Order.
> Mankind’s ordered life hath been revolutionized through the
> agency of this unique, this wondrous System - the like of
> which mortal eyes have never witnessed.”
> - Bahá’u’lláh, The Kitáb-i-Aqdás, p.85
> 
> “It is the superstructure of that self-same Order, attaining
> its full stature through the emergence of the Bahá’í World
> Commonwealth - the Kingdom of God on earth - which the
> Golden Age of that same Dispensation must, in the fullness
> of time, ultimately witness.”
> - Shoghi Effendi, God Passes By, p.26
> 
> “ ... the precautionary and defensive measures to be devised,
> coordinated, and carried out to counteract the full force of
> the inescapable attacks which the organized efforts of
> ecclesiastical organizations of various denominations will
> progressively launch and relentlessly pursue; and, last but
> not least, the multitudinous issues that must be faced, the
> obstacles that must be overcome, and the responsibilities
> 
> Study of the Bahá’í Writings on Economics
> 
> that must be assumed, to enable a sore-tried Faith to pass
> through the successive stages of unmitigated obscurity, of
> active repression, and of complete emancipation, leading in
> turn to its being acknowledged as an independent Faith,
> enjoying the status of full equality with its sister religions,
> to be followed by its establishment and recognition as a
> State religion, which in turn must give way to its assumption
> of the rights and prerogatives associated with the Bahá’í
> state, functioning in the plenitude of its powers, a stage
> which must ultimately culminate in the emergence of the
> world-wide Bahá’í Commonwealth, animated wholly by the
> spirit, and operating solely in direct conformity with the
> laws and principles of Bahá’u’lláh.”
> - Shoghi Effendi, The Advent of Divine Justice, p.14-15
> 
> “This commonwealth must, as far as we can visualize it,
> consist of a world legislature, whose members will, as the
> trustees of the whole of mankind, ultimately control the
> entire resources of all the component nations, and will enact
> such laws as shall be required to regulate the life, satisfy the
> needs and adjust the relationships of all races and peoples.
> A world executive, backed by an international Force, will
> carry out the decisions arrived at, and apply the laws enacted
> by, this world legislature, and will safeguard the organic
> unity of the whole commonwealth. A world tribunal will
> adjudicate and deliver its compulsory and final verdict in
> all and any disputes that may arise between the various
> elements constituting this universal system. A mechanism of
> world inter-communication will be devised, embracing the
> whole planet, freed from national hindrances and restrictions,
> and functioning with marvellous swiftness and perfect
> 
> Economics of the Future Begins Today
> 
> regularity. A world metropolis will act as the nerve center
> of a world civilization, the focus towards which the unifying
> forces of life will converge and from which its energizing
> influences will radiate.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> World unity is the highest aspiration of mankind and a world
> commonwealth is a goal for humanity. Once it is established,
> for the first time in human history, the whole world will be
> one country. We cannot comprehend it but perhaps the future
> world can be compared to one country and the provinces or
> states of that country will be like the present countries of the
> world. Every country will keep its own language and culture,
> and, at the same time, be part of the world commonwealth.
> The world commonwealth will be a government for the whole
> world and there will be a universal language for the whole
> world, one currency, one political system, one education
> system and one economic system.
> 
> Practical Economic Suggestions
> For Everyday Use
> 
> Economics of the Future Begins Today
> 
> It is important to remember that the Bahá’í Economic System
> will occur when the transformation of man and society has
> been accomplished and with it man’s awareness of his spiritual
> station and his destiny. He will have subordinated his animal
> nature and will therefore behave less selfishly. At this time it
> is almost impossible to imagine a society which has spiritually
> grown to that extent. But by introducing more of the spiritual
> qualities in our lives we are laying the foundation for such a
> society and such an economic system. Some of our goals
> may seem idealistic but that is exactly what we are, idealists.
> We are dreaming of a better world and are ready to make
> sure that Bahá’u’lláh’s World Commonwealth is going to be
> established. No great change can take place without a goal
> or a dream. Without dreams and dreamers our civilization
> would have not progressed from the Stone Age to where we
> are now. Before moving on it is fitting to remind ourselves
> what ‘Abdu’l-Bahá said:
> “The secrets of the whole economic question are Divine in
> nature, and are concerned with the world of the heart and
> spirit. In the Bahá’í Teachings this is most completely
> explained, and without the consideration of the Bahá’í
> Teachings, it is impossible to bring about a better state.”
> - ‘Abdu’l-Bahá, The Bahá’í World, Volume 1V, p.448
> 
> Shoghi Effendi shed more light on this:
> “...By the statement ‘the economic solution is Divine in nature’
> is meant that religion alone can, in the last resort, bring in
> man’s nature such a fundamental change as to enable him to
> adjust the economic relationships of society. It is only in this
> way that man can control the economic forces that threaten
> 
> Practical Economic Suggestions for Everyday Use
> 
> to disrupt the foundations of his existence, and thus assert
> his mastery over the forces of nature.”
> - From a letter written of behalf of Shoghi Effendi to an individual
> believer, December 26, 1935, Lights of Guidance, p.551
> 
> Since we do not have the Bahá’í Economic system in place as
> yet, we may think that we cannot do anything to bring it about
> and we must wait for its arrival. But that is not really true.
> There is so much we can do as individuals and in our
> communities that is economic in nature and we can do it without
> realizing that we are participating in economic activity. Our
> participation will set the example for the rest of the world and
> at the same time prepare the ground for the time when the
> World Commonwealth will come into being.
> To visit the future, more than your heart and intellect, you
> need the power of your imagination, because you are going to
> picture yourself in the future. Once you do that and grasp the
> beauty of peace, love and harmony and see how the sufferings
> and misery have been removed and man no longer has to fight
> to survive in his economic life, you will bring yourself back to
> the present and hopefully you will start making small changes
> in your economic activities that will lead to the fundamental
> changes in order to lay the foundation of a new and wonderful
> economic behavior based on spirituality and not greed.
> The suggestions below may hopefully help to bring about this
> fundamental change:
>  Focus on the important questions of life. After answering
> the questions “Who am I” and “what is the purpose of
> my life”, the equally important question of “How much is
> enough?” should be answered. One of the biggest problems
> 
> Economics of the Future Begins Today
> 
> everyone faces is that we do not get a chance to understand
> who we are and what constitutes the purpose of our lives.
> Also we are so busy that we do not ask how much money
> is enough. How much do we need to live a fruitful life?
> Practice contentment. Life distracts us from asking ourselves
> some fundamental questions. Answering these questions can
> guide us to go through tests and difficulties in life.
>  Live a simple life, a life like ‘Abdu’l-Bahá. Living a
> simple life brings peace of mind and removes some of the
> distractions of our life journey. There are many studies that
> indicate that simplicity reduces stress in life and creates a
> sense of freedom from the burden of material possessions.
> There is a movement already in place called “voluntary
> simplicity” that encourages people to live a simple life. There
> are some benefits in living a simple life. It is a decision made
> by many who had too much to handle.
> 
>  Change your mindset. You need to believe that you are
> essentially a spiritual being and have a spiritual purpose in
> your life. You need to realize your spiritual destiny. Once
> this is realized, then acting accordingly is much more effective
> and easy. This mind set will help you to have a healthy
> approach to your material life. Every change begins first in
> your mind.
>  Pay a fair price. If you feel that the price is too low, pay
> more than the asking price. The Báb practiced this when He
> worked as a merchant. One of the nicest things related to
> economic activities is the commitment of fair-minded people
> to disregard existing prices and pay more because they
> believe their estimate of the price to be fair.
> 
> Practical Economic Suggestions for Everyday Use
> 
>  Share the profits with employees. ‘Abdu’l-Bahá taught
> us how important it is for the workers to have a share of the
> profits. Get medical coverage for employees. Support the
> emotional and physical wellbeing of employees. Taking care
> of workers is a privilege and an opportunity to be of service
> to people. Besides profit-sharing, there are many ways to
> helping. Looking for such opportunities is a wonderful act.
>  Pay fare wages, not based on what society dictates. We
> do not need to follow the minimum wage guidelines. The
> Bahá’í Writings provide the guidelines to ensure that we pay
> what we feel is fair. Again the wage guidelines should not
> prevent us from paying more if we think that is fair.
>  Be honest in your dealings. Present it with all the facts
> explained. In our society, we tend to misrepresent a product
> or share only enough information to present it in the best
> possible light. Truthfulness is the foundation of all the virtues.
> When selling your car, house or other possessions, clearly
> describe the real condition. Mentioning the negative points
> about a car or a house is not wrong. Believe me, I have
> done it and it did help me to get a good price.
>  Provide the best quality of service or the best product
> possible and do so in a spirit of service. We are privileged
> to have the assurance that by doing our job well we have
> actually demonstrated an act of worship. Make customer
> satisfaction a goal. There is more to our jobs than just
> earning money. How satisfying it is to know that the customer
> is happy and we have played a part in it. Being proud of our
> work is a blessing millions do not have. They make money
> but are not happy and satisfied inside.
> 
> Economics of the Future Begins Today
> 
>  Look for opportunities to extend to co-workers and
> co-operate in the workplace. Most workplaces are very
> isolating and individuals work by themselves. To reach out
> and extend help and to treat each other fairly creates a
> better spirit and working environment. Extend help to others,
> even your competitors. Be a cause of unity by seeing them
> as you would see your own employees or colleagues and
> doing as much as you can to help them.
>  Be content with a reasonable margin of profit. There
> is no end to greed in our society so being satisfied with
> earning a certain profit will create a sense of contentment
> and provide an example to others. This is an extension of
> how much is enough. There is nothing wrong in being
> satisfied and content with a set amount of profit.
>  Update yourself with the latest information and study in
> your field to provide a better service and to be the leader
> in your profession, and be punctual in business and other
> meetings. Being on time at work increases the efficiency of
> the system and demonstrates respect for others. If time is
> money, then one should not waste it.
>  Remember that your actions are the best manifestation
> of your beliefs and be conscious of them. The cliché is
> true that actions speak louder than words. We should be an
> example for others since we are the ones to lead society
> towards an ever-advancing civilization.
>  If you are lending money, ask for a reasonable interest
> rate and not the maximum rate. We are told that the rate
> of interest has to be fair and reasonable. Bahá’u’lláh has
> advised us to do so. Banks should not be the only ones
> setting interest rates.
> 
> Practical Economic Suggestions for Everyday Use
> 
>  Resist the consumer mentality which exists in our
> society. As the standard of living rises, consumerism
> increases and consuming becomes a bad habit with serious
> consequences. Fighting this tendency is very important for
> our economic life and our spiritual development.
> Consumerism has become a disease that is spreading fast
> and its forces are paralyzing the progress of our souls.
>  Be knowledgeable about advertising. Advertisements
> conceal the information we need to buy a product and
> they make false claims, using psychological methods to
> make a sale. Advertising covers all areas of our economic
> life. One has to be very savvy to navigate through all the
> false claims of advertising. Selling has become very
> sophisticated and one has to be very smart about it and
> read between the lines.
>  Spiritually justify every expenditure. With so much
> poverty in the world today, we have to answer to our
> conscience for any unnecessary spending. We have been
> advised to be frugal in our spending. It would be very
> useful if we could create in us this “policeman” to check
> our spending.
>  Avoid wastage in the workplace and suggest ways to cut
> down on waste. We can all help in some way to avoid the
> loss of resources.
>  Protect the environment in your business and personal
> life. We owe it to future generations to protect the
> environment. What a sad situation it would be if mankind
> grows spiritually in the future but the damage is done and
> our environment is destroyed.
> 
> Economics of the Future Begins Today
> 
>  Increase your economic and business knowledge. The
> more we know about how economics works, the better we
> will be able to forecast the future.
>  Volunteer for service whenever possible with the spirit of
> service, following ‘Abdu’l-Bahá’s example, Who served
> mankind all of His life.
>  Give to the Bahá’í Fund and also support worthy
> charitable organizations. Every act of giving is a small
> step towards reducing the gap between rich and poor.
>  Have or adopt a financial goal in life. As we have teaching
> plans in the Faith and other goals and plans in our life, it is
> important to have an individual financial plan. Goals encourage
> discipline. This is very important. It is almost impossible to
> have a comfortable financial life without planning.
>  Avoid debt as much as possible since too many financial
> burdens damage the quality of spiritual and human life.
> Investigate the rate of interest on mortgages, loans and
> credit to reduce cost. Volumes can be written about this
> subject. Debts are one of the most destructive factors
> that should be avoided.
>  Create a habit of saving. Life is full of uncertainty and
> change and having some money for a rainy day creates
> peace of mind. Saving should be part of our financial goals.
> It is a wonderful habit to have. It is not easy to save with
> the pressure of our consumer mentality today but
> nevertheless it is very important.
>  Spread the word about honest and fair businesses and
> professionals. It is like giving them free advertising. They
> 
> Practical Economic Suggestions for Everyday Use
> 
> need all the help they can get. It has a very enabling
> power helping honest people and businesses.
>  Don’t buy the latest models if the old ones are in working
> order and provide the same service. Having the latest of
> everything creates an unnecessary economic burden for an
> individual which in turn decreases the quality of life. Be
> practical about material possessions. But it is hard not to
> want to purchase the latest model of car when everyone
> is doing the same.
>  Avoid keeping up with the Joneses. That is the worst
> kind of spending. It is also a sign of spiritual and emotional
> immaturity. And we see it happen every day. It is really
> sad that people want the approval of others, while their
> spiritual destiny is in jeopardy.
>  Support the concept of one world currency. If we have
> fewer currencies to exchange, life becomes much easier
> and this is a good step in the right direction towards world
> unity. And anything that can promote world unity is
> extremely important.
>  Don’t follow society’s shortcuts with regards to
> taxation. There are claims made which can perhaps be
> legally justified but are morally wrong.
>  Make honest insurance claims.
>  Make fair expense claims at work. It has become a
> common practice to claim the maximum amount even if it is
> not used but we have the duty to be honest about them.
>  Do not abuse sick leave.
> 
> Economics of the Future Begins Today
> 
>  Return to the store when you realize you have been
> undercharged or receive too much change for your
> purchase. This is practicing the virtue of honesty. Watch
> the face of the cashier when you do this. He or she is
> probably wondering, “Who are these people?” The
> answer is that we are the people from the future, where
> honesty is the norm.
>  Resist society’s corrupt practices of bribery and
> cheating. In some places in the world, giving bribes is a
> way of life and that is a test and an opportunity to fight
> this bad practice. It is very hard in places like India and
> China where I have lived. Refusing to participate in these
> practices is very difficult.
>  Regard service first and profit second. This seems
> idealistic in society but for Bahá’ís it is considered a way of
> life. And in the long run, it is the best advertisement one can
> buy for free.
>  Participate in social and economic projects. We can
> help to change the world for the better by getting
> involved in these projects. And they are a valuable way
> of learning and contributing. We need to gain experience
> in social activities so that we can contribute more in the
> future.
>  Do not support the idea of the end justifying the means
> when it comes to promotion at work or getting a contract
> or applying for a job. Our goal is to grow spiritually and
> these practices do not help us to grow. That is the worst
> kind of numbing our conscience.
>  Be honest in a job interview. Society has adopted the
> 
> Practical Economic Suggestions for Everyday Use
> 
> practice of magnifying positive and minimizing or omitting
> negative but in reality it is a form of lying. It will feel
> strange to us and the interviewer but we have to start
> being totally honest.
> 
>  Be truthful in filling out forms or tenders. Exaggerating
> has become a way of life but it is not the Bahá’í way of life.
> It is a very hard thing to do when competing but we can
> have the satisfaction that Bahá’u’lláh is happy with us.
> 
>  Do not sacrifice your values in order to get a
> promotion or contract even though there is nothing wrong
> with being ambitious and wanting to progress through the
> ranks. Some would do anything to get a promotion but we
> cannot follow that practice.
> 
>  Use good quality material in production. Do not use
> harmful ingredients in production. Be educated about the
> ingredients so no harm comes as a result.
> 
>  Protect the poor and underprivileged section of our
> society in any way you can. It is our spiritual duty and
> privilege.
> 
>  Give your Huqúqu’lláh (the Right of God), knowing
> well that this kind of giving is a privilege and is not a tax.
> Give with a sense of sharing rather than a sense of loss.
> This is your opportunity to practice generosity. Giving is
> the best practical step for bridging the gap between the
> rich and poor.
> 
>  Create a consciousness that your welfare, wellbeing
> and happiness depend on the welfare, wellbeing and
> 
> Economics of the Future Begins Today
> 
> happiness of every poor, needy and underprivileged
> person in the world; that the real meaning of the oneness
> of mankind will come into being when we see others as
> members of our family. This should be easy for us since
> we have heard and said it many times that “we are the
> leaves of one branch…”
>  Money is a tool and not the goal of your life. The
> biggest mistake that most people make is that they forget
> that we have not been created to make money. That should
> not be our life’s goal. Money should be seen as an effective
> tool to serve mankind and to improve the spiritual and
> economic life of ourselves and others. This is the key that
> can make a person happy or sad at the end of our physical
> life. Since we cannot take it with us, then why not spend it
> for the good of mankind.
>  Spend an equal amount of energy in becoming detached
> from material possessions as you spend getting them,
> recognizing that they are a test and remembering what
> Bahá’u’lláh said:
> “Thou dost wish for gold and I desire thy freedom
> from it. Thou thinkest thyself rich in its possession,
> and I recognize thy wealth in thy sanctity
> therefrom…”
> - The Hidden Words, Arabic no.56
> 
> It is like a spiritual detoxification. There is nothing
> inherently wrong with being rich as long as we are fully
> aware of its benefits and dangers. Bahá’u’lláh has allowed
> us to have all the luxuries we desire, as long as we are
> detached from them.
> 
> Practical Economic Suggestions for Everyday Use
> 
>  Remind yourself of your spiritual destination while
> pursuing financial goals, since materialism can slowly take
> over your spiritual life. Without constant reminders of our
> spiritual destiny, materialism can destroy our spiritual
> well-being. We have to have the “big picture” in our view
> all the time so that we are not lost.
> 
>  Live the Bahá’í Life. In a sense it is a simple statement
> to live the Bahá’í life but it requires an understanding of
> ourselves and our purpose in life. It is easier said
> than done.
> 
>  Be considerate to those who rent from you. Be
> sensitive to their situation. If they are in trouble, be
> flexible with their rent payments. Let them miss a
> payment or part of a payment. Besides the spiritual
> satisfaction that you feel, you also gain a tenant who cares
> for you and your property and will use it as if it’s theirs.
> It even makes economic sense since you will probably
> lessen the cost of repairs.
> 
>  Develop virtues that are common to all religions and
> are the foundation for any system’s success. At the present
> time, acquiring the virtues seems idealistic but we have to
> remember that as we move closer to an ever-advancing
> civilization, acquiring these virtues will be commonplace.
> They may not seem as if they have anything to do with
> economics but they do, as they assist us to gain spiritual
> and human qualities which help us to create a better
> society. Here is the list of virtues identified by The Virtues
> Project:
> 
> Economics of the Future Begins Today
> 
> assertiveness     gentleness         peacefulness
> caring            helpfulness        prayerfulness
> cleanliness       honesty            purposefulness
> compassion        honor              reliability
> confidence        humility           respect
> consideration     idealism           responsibility
> courage           joyfulness         reverence
> courtesy          justice            self-discipline
> creativity        kindness           service
> detachment        love               steadfastness
> determination     loyalty            tact
> enthusiasm        mercy              thankfulness
> excellence        moderation         tolerance
> faithfulness      modesty            trust
> flexibility       obedience          trustworthiness
> forgiveness       orderliness        truthfulness
> friendliness      patience           unity
> generosity
> 
>  Deal with your insistent self or ego, otherwise it can
> undo any success or progress if it is not recognized as a
> serious threat to our good efforts. History is full of
> examples of how egos created destruction throughout the
> ages. As a human being our life in this world and our
> progress in the next world depend on the decisions we
> make. Some say we make our own heaven and hell here
> on earth as a result of the choices we make. It is sad if
> we do not make the right decision and give our higher
> 
> Practical Economic Suggestions for Everyday Use
> 
> nature the upper hand. Because we are bombarded by
> advertisements and consumerism, nurturing our higher
> nature is very difficult and that is why we need to tune
> ourselves spiritually in order to make the right choice so
> that we get the rewards and benefits of that choice. We
> know that reading the Writings has been encouraged in
> our Faith and when we read the Holy Writings and
> meditate on them, our souls are uplifted and that affects
> our decision making. Our souls are tuned by reading the
> Writings and bringing ourselves to account each day. It is
> like a spiritual balance sheet so that we can perceive the
> good and the bad in our ways. This is such an important
> factor in our lives and we need to take the opportunity
> to fully deal with it.
>  Recognize and nurture the four aspects of your being:
> a) Spiritual
> b) Physical
> c) Emotional
> d) Intellectual
> Most people ignore one aspect for the sake of others but
> we need all aspects to have balance in our lives. This
> sounds like one of those self-help mantras but awareness
> of all aspects of our being is essential to a realistic self-
> knowledge which is the first step towards knowing
> God.
> 
>  Be more vocal in a loving way about what you think
> about the changes that are needed for the improvement
> of the economic life of individuals and the society in
> which you live; in short, without being militant or
> 
> Economics of the Future Begins Today
> 
> aggressive, express your ideas and vision. We all have a
> say in all matters and we can be the catalysts of positive
> change. We do not want to be political or militant, but
> we cannot forget that our job is providing vision and
> direction to a wayward humanity. It is like having the
> healing medicine and not giving it to the sick.
> 
> This list of suggestions may seem overwhelming and you may
> not be able to practice all those that apply to your situation.
> But you have to remember that it is not about the results, it
> is about sincere and wholehearted efforts. It is the pure
> intention that counts.
> 
> Definition of Some Economic Terms
> 
> Economics of the Future Begins Today
> 
> Economics like other sciences and arts has its own language.
> Without knowledge of this language it is very difficult to
> understand economics. This has stopped many from following
> economic developments at the local, national and international
> levels. Often when I mention that economics is my field of
> interest, it creates a sense of uneasiness, since, unlike politics
> and sport where almost everyone has an opinion, no one has
> much to say and the conversation quickly changes to other
> things. This to me is unfortunate because economics is everywhere
> and is one of the most important factors in our lives. It touches
> almost every activity we undertake. Even in detective movies
> they say “follow the money” when trying to find the murderer.
> But also it is very difficult to have an economics dictionary
> handy, so I decided to dedicate this chapter to explaining in a
> simple way about 200 of the common economic terminologies.
> For some, it may be overly simplified and, if that is the case,
> they can always refer to the Oxford Dictionary of Economics.
> 
> Aggregate demand: the total demand for final goods and
> services in an economy at a given time.
> 
> Aggregate expenditure: the total amount of expenditure on
> goods and services.
> 
> Aggregate supply: the total amount of domestic goods and
> services supplied by businesses and government, including both
> consumer products and capital goods.
> 
> Arbitration: a procedure for settling disputes, in which a neutral
> third party or arbitrator, after hearing presentations from all
> sides in dispute, issues an award binding upon each side.
> 
> Definition of Some Economic Terms
> 
> Asset: an item or property owned by a person or a business
> which has a money value. Assets are of three main types: a)
> physical, b) financial and c) intangible.
> 
> Average cost: equal to total cost divided by the number of
> goods produced
> 
> Average propensity to consume (APC): the percentage of
> income that is spent on goods and services rather than on savings.
> 
> Average propensity to save: the proportion of income that is
> saved rather than spent on goods and services.
> 
> Average rate of taxation: the total tax paid by an individual
> divided by the total income upon which the tax was based.
> 
> Average revenue: the total revenue received (price and number
> of units sold) divided by the number of units.
> 
> Bad debt: an accounting term for money owed which is unlikely
> to be paid.
> 
> Balanced budget: refers to a budget in which revenues are
> equal to expenditures.
> 
> Balance of trade: the difference between the value of exports
> and value of imports.
> 
> Balance sheet: a statement of the assets, liabilities, and capital
> of a business or other organization at a particular point in time,
> detailing the balance of income and expenditure over the
> preceding period.
> 
> Economics of the Future Begins Today
> 
> Balance of payments: a statement of a country’s trade and
> financial transactions with the rest of the world over a period of
> time, usually one year.
> 
> Bankruptcy or insolvency: a condition under which a person
> or firm’s liabilities to creditors exceed assets. The individual or
> firm is therefore unable to pay all liabilities from its assets.
> 
> Barter: exchange (goods or services) for other goods or services
> without using money.
> 
> Base rate: the interest rate which is used by commercial banks
> to calculate rate of interest to be charged on loans and overdraft
> to their customers.
> 
> Bear: a market condition in which the prices of securities are
> falling, and widespread pessimism causes the negative
> sentiment to be self-sustaining. As investors anticipate losses in
> a bear market and selling continues, pessimism only grows.
> 
> Bearer bonds: a debt security issued by a business entity, such as
> a corporation, or by a government. It differs from the more common
> types of investment securities in that it is unregistered – no records
> are kept of the owner, or the transactions involving ownership.
> 
> Bill of exchange: a financial security representing an amount
> of credit extended by one business to another for a short
> period of time.
> 
> Black market: or underground economy is a market in which
> goods or services are traded illegally.
> 
> Definition of Some Economic Terms
> 
> Blue chip: a nationally recognized, well-established and
> financially sound company. Blue chips generally sell high-quality,
> widely accepted products and services. Blue chip companies
> are known to weather downturns and operate profitably in the
> face of adverse economic conditions, which help to contribute
> to their long record of stable and reliable growth.
> 
> Bond: a financial security issued by businesses and by the
> government as a means of borrowing long-term funds. Bonds
> are typically issued for period of several years; they are
> repayable on maturity and bear a fixed interest rate.
> 
> Bonus shares: shares issued to existing shareholders without
> further payment on their part.
> 
> Boom: a phase of the business cycle characterized by full
> employment levels of output and some upward move on the
> general price level.
> 
> Brokerage: a financial institution that facilitates the buying
> and selling of financial securities between a buyer and a seller.
> 
> Business cycle: the fluctuations in economic activity that an
> economy experiences over a period of time. A business cycle is
> basically defined in terms of periods of expansion or recession.
> 
> Capital: Adam Smith defines capital as “That part of a man’s
> stock which he expects to afford him revenue.”
> 
> Capital gains: a profit that results from a disposition of a
> capital asset, such as stock, bond or real estate, where the
> amount realized on the disposition exceeds the purchase price.
> 
> Economics of the Future Begins Today
> 
> Capital market: financial markets for the buying and selling
> of long-term debt or equity-backed securities. These markets
> channel the wealth of savers to those who can put it to long-
> term productive use, such as companies or governments
> making long-term investments.
> 
> Carbon tax: a tax levied on the carbon content of fuels. It is
> a form of carbon pricing. Carbon is present in every
> hydrocarbon fuel (coal, petroleum, and natural gas) and is
> released as carbon dioxide when they are burnt.
> 
> Cartel: an agreement between competing firms to control prices
> or exclude entry of a new competitor in a market. It is a formal
> organization of sellers or buyers that agree to fix selling prices,
> purchase prices, or reduce production using a variety of tactics.
> 
> Cash flow: the movement of money into or out of a business,
> project, or financial product. It is usually measured during a
> specified, limited period of time.
> 
> Cash ratio: the ratio of a company’s total cash and cash
> equivalents to its current liabilities.
> 
> Central bank, also a reserve bank, or monetary authority: an
> institution that manages a state’s currency, money supply, and
> interest rates. Central banks also oversee the commercial
> banking system of their respective countries.
> 
> Classical economics: assert that markets function best without
> government interference. It was developed in the late 18th and
> early 19th century by Adam Smith, Jean-Baptiste Say, David
> Ricardo, Thomas Malthus, and John Stuart Mill.
> 
> Definition of Some Economic Terms
> 
> Closed economy: an economy in which no activity is
> conducted with outside economies. A closed economy is
> self-sufficient, meaning that no imports are brought in and no
> exports are sent out. The goal is to provide consumers with
> everything that they need from within the economy’s borders.
> 
> Commercial banks: a type of bank that provides services
> such as accepting deposits, making business loans, and offering
> basic investment products.
> 
> Commodity: a marketable item produced to satisfy wants or
> needs. Economic commodities comprise goods and services.
> 
> Commodity exchange: an exchange where various
> commodities and derivatives products are traded. Most
> commodity markets across the world trade in agricultural
> products and other raw materials (like wheat, barley, sugar,
> maize, cotton, cocoa, coffee, milk products, pork bellies, oil,
> metals, etc.) and contracts based on them.
> 
> Consumer good: any commodity which is produced and
> subsequently consumed by the consumer, to satisfy its current
> wants or needs.
> 
> Consumer price index: a consumer price index (CPI)
> measures changes in the price level of a basket of consumer
> goods and services purchased by households.
> 
> Convertibility: the quality that allows money or other financial
> instruments to be converted into other liquid stores of value.
> Convertibility is an important factor in international trade, where
> 
> Economics of the Future Begins Today
> 
> instruments valued in different currencies must be exchanged.
> 
> Cost control: refers to the efforts business restrictions
> managers make to monitor, evaluate, and trim expenditures.
> 
> Credit: the trust which allows one party to provide money or
> resources to another party where that second party does not
> reimburse the first party immediately (thereby generating a
> debt), but instead arranges either to repay or return those
> resources at a later date.
> 
> Credit union: a member-owned financial cooperative,
> democratically controlled by its members, and operated for the
> purpose of promoting thrift, providing credit at competitive
> rates, and providing other financial services to its members.
> 
> Currency: refers to money in any form when in actual use or
> circulation as a medium of exchange, especially circulating
> banknotes and coins.
> 
> Currency depreciation: the loss of value of a country’s currency
> with respect to one or more foreign reference currencies,
> typically in a floating exchange rate system.
> 
> Debt: refers to money, owed by one party, the borrower or
> debtor, to a second party, the lender or creditor. Debt is
> generally subject to contractual terms regarding the amount
> and timing of repayments of principal and interest.
> 
> Deficit: an excess of expenditures over revenue in a given
> time period.
> 
> Definition of Some Economic Terms
> 
> Deflation: a decrease in the general price level of goods
> and services.
> 
> Demand: a buyer’s willingness and ability to pay a price for a
> specific quantity of a good or service. Demand refers to how
> much (quantity) of a product or service is desired by buyers at
> various prices.
> 
> Depreciation: a method of allocating the cost of a tangible
> asset over its useful life.
> 
> Depression: a sustained, long-term downturn in economic
> activity in one or more economies.
> 
> Devaluation: a reduction in the value of a currency with
> respect to those goods, services or other monetary units with
> which that currency can be exchanged.
> 
> Direct costs: refer to materials, labor and expenses related
> to the production of a product (such as a particular project,
> facility, function or product). Indirect costs may be either fixed
> or variable. Indirect costs include administration, personnel
> and security costs. These are those costs which are not directly
> related to production. Some indirect costs may be overhead.
> 
> Disequilibrium: the opposite of equilibrium which is the
> condition of a system in which all competing influences are
> balanced.
> 
> Diversification: means reducing risk by investing in a variety
> of assets.
> 
> Economics of the Future Begins Today
> 
> Dividend: a payment made by a corporation to its shareholders,
> usually as a distribution of profits.
> 
> Division of labour: the specialization of cooperating
> individuals who perform specific tasks and roles.
> 
> Dow-Jones industrial average: a stock market index, and
> one of several indices created by Wall Street Journal editor
> and Dow Jones & Company co-founder Charles Dow.
> 
> Dumping: the act of charging a lower price for the like goods in
> a foreign market than one charges for the same goods in a domestic
> market for consumption in the home market of the exporter.
> 
> Durable goods: goods that do not quickly wear out, or more
> specifically, ones that yields utility over time rather than being
> completely consumed in one use. Items like bricks could be
> considered perfectly durable goods, because they should
> theoretically never wear out.
> 
> Earned income: any income that a person or company receives
> for work they have done.
> 
> Economic efficiency: an economic state in which every
> resource is optimally allocated to serve each person in the best
> way while minimizing waste and inefficiency.
> 
> Economic good: an economic good is a good or service that
> has a benefit (utility) to society.
> 
> Economic sanction: domestic penalties applied unilaterally
> 
> Definition of Some Economic Terms
> 
> by one country (or multilaterally, by a group of countries) on
> another country (or group of countries). Economic sanctions
> may include various forms of trade barriers and restrictions on
> financial transactions.
> 
> Economics: the social science that seeks to describe the factors
> which determine the production, distribution and consumption
> of goods and services.
> 
> Entrepreneur: in charge of the process of starting a business,
> a startup company or other organization. The entrepreneur
> develops a business plan, acquires the human and other required
> resources, and is fully responsible for its success or failure.
> 
> Equity: the difference between the value of the assets/interest
> and the cost of the liabilities of something owned. For example,
> if someone owns a car worth $25,000 but owes $10,000 on
> that car, the car represents $15,000 equity. Equity can be
> negative if liability exceeds assets.
> 
> European Economic Community (EEC): an economic union
> created by the Treaty of Rome of 1957. Upon the formation
> of the European Union (EU) in 1993, the EEC was
> incorporated and renamed as the European Community (EC).
> In 2009 the EC’s institutions were absorbed into the EU’s
> wider framework and the community ceased to exist.
> 
> European Currency Unit (ECU): a basket of the currencies
> of the European Community member states, used as the unit
> of account of the European Community before being replaced
> by the euro on 1 January 1999, at parity.
> 
> Economics of the Future Begins Today
> 
> Exchange rate (also known as a foreign-exchange
> rate): the rate at which one currency will be exchanged
> for another.
> 
> Exports: selling goods and services produced in the home
> country to other markets. Export of commercial quantities
> of goods normally requires involvement of the customs
> authorities in both the country of export and the country of
> import.
> 
> Face value: the value printed or depicted on a coin, banknote,
> postage stamp, ticket, etc., especially when less than the actual
> or intrinsic value.
> 
> Factors of production: describes the inputs that are used in
> the production of goods or services in the attempt to make
> an economic profit. The factors of production include land,
> labor, capital and entrepreneurship.
> 
> Finance: a field that deals with the allocation of assets and
> liabilities over time under conditions of certainty and
> uncertainty.
> 
> Fiscal policy: the means by which a government adjusts its
> spending levels and tax rates to monitor and influence a nation’s
> economy. It is the sister strategy to monetary policy through
> which a central bank influences a nation’s money supply.
> 
> Foreign-exchange market: a global market for the trading
> of currencies. In terms of volume of trading, it is by far the
> largest market in the world.
> 
> Definition of Some Economic Terms
> 
> Free market: a market economy based on supply and demand
> with little or no government control. A completely free market
> is an idealized form of a market economy where buyers and
> sellers are allowed to transact freely.
> 
> Free trade: a policy in international markets in which
> governments do not restrict imports or exports. Free trade is
> exemplified by the European Union / European Economic Area
> and the North American Free Trade Agreement.
> 
> Futures: a financial contract obligating the buyer to purchase
> an asset (or the seller to sell an asset), such as a physical
> commodity or a financial instrument, at a predetermined future
> date and price. Futures contracts detail the quality and quantity
> of the underlying asset; they are standardized to facilitate
> trading on a futures exchange.
> 
> Gross national product (GNP): the market value of all the
> products and services produced in one year by labour and
> property supplied by the citizens of a country.
> 
> Government securities: issued by a government authority,
> with a promise of repayment upon maturity that is backed by
> said government. A government security may be issued by the
> government itself or by one of the government agencies. These
> securities are considered low-risk, since they are backed by the
> taxing power of the government.
> 
> Hard currency: a currency, usually from a highly industrialized
> country, that is widely accepted around the world as a form of
> payment for goods and services.
> 
> Economics of the Future Begins Today
> 
> Hedge: making an investment to reduce the risk of adverse
> price movements in an asset.
> 
> Holding company: a company that owns other companies’
> outstanding stock. The term usually refers to a company that
> does not produce goods or services itself; rather, its purpose
> is to own shares of other companies to form a corporate
> group.
> 
> Hyperinflation: occurs when a country experiences very
> high and usually accelerating rates of inflation, rapidly eroding
> the real value of the local currency, and causing the population
> to minimize their holdings of the local money.
> 
> Hypothesis: a supposition or proposed explanation made
> on the basis of limited evidence as a starting point for further
> investigation.
> 
> International Labour Organization (ILO): a United Nations
> agency dealing with labour issues, particularly international
> labour standards, social protection, and work opportunities
> for all.
> 
> International Monetary Fund (IMF): an international
> organization created for the purpose of:
> 
> 1. Promoting global monetary and exchange stability.
> 2. Facilitating the expansion and balanced growth of
> international trade.
> 3. Assisting in the establishment of a multilateral system of
> payments for current transactions.
> 
> Definition of Some Economic Terms
> 
> Import duties: a tax collected on imports by the customs
> authorities of a country. This tax is used to raise state
> revenue.
> 
> Import quota: a limit on the quantity of a good that can be
> produced abroad and sold domestically.
> 
> Import restrictions: a limit on the quantity of a good that can
> be produced abroad and sold domestically. It is a type of
> protectionist trade restriction that sets a physical limit on the
> quantity of a good that can be imported into a country in a
> given period of time.
> 
> Income: money received, especially on a regular basis, for
> work or through investments.
> 
> Income tax: a government levy (tax) imposed on individuals
> or entities (taxpayers) that varies with the income or profits
> (taxable income) of the taxpayer.
> 
> Inflation: a sustained increase in the general price level of
> goods and services in an economy over a period of time.
> 
> Infrastructure: the basic physical and organizational structures
> and facilities (e.g., buildings, roads, and power supplies) needed
> for the operation of a society or enterprise.
> 
> Insurance: a practice or arrangement by which a company or
> government agency provides a guarantee of compensation for
> specified loss, damage, illness, or death in return for payment
> of a premium.
> 
> Economics of the Future Begins Today
> 
> Interest: the charge for the privilege of borrowing money,
> typically expressed as an annual percentage rate.
> 
> Inventories: a complete list of items such as property, goods
> in stock, or the contents of a building.
> 
> Investment: the purchase of an asset or item with the hope
> that it will generate income or appreciate in the future and be
> sold at the higher price.
> 
> ‘Invisible Hand’: a metaphor used by Adam Smith to
> describe unintended social benefits resulting from individual
> actions. The phrase is employed by Smith with respect to
> income distribution and production.
> 
> International Trade Commission (ITC): an independent,
> bipartisan, quasi-judicial, federal agency of the United States
> that provides trade expertise to both the legislative and
> executive branches.
> 
> Labour: work, especially physical work.
> 
> Labour intensive: needing a large workforce or a large
> amount of work in relation to output.
> 
> ‘Laissez-faire’: an economic system in which transactions
> between private parties are free from government interference
> such as regulations, privileges, tariffs, and subsidies. The phrase
> laissez-faire is part of a larger French piece and literally
> translates to “let (it/them) do”, but in this context usually means
> “let it be”, or “let it go”.
> 
> Definition of Some Economic Terms
> 
> Land: considered a factor of production, along with labor and
> capital. Selling land results in a capital gain or loss.
> 
> Lease: a contractual arrangement calling for the lessee (user)
> to pay the lessor (owner) for use of an asset. Broadly put, a
> lease agreement is a contract between two parties, the lessor
> and the lessee.
> 
> Linear programming: a method to achieve the best outcome
> (such as maximum profit or lowest cost) in a mathematical model
> whose requirements are represented by linear relationships.
> 
> Liquid: how quickly you can get your hands on your cash. In
> simpler terms, liquidity is to get your money whenever you
> need it.
> 
> Liquidation: the process by which a company (or part of a
> company) is brought to an end, and the assets and property of
> the company are redistributed.
> 
> Lump-sum tax: a fixed amount, no matter the change in
> circumstance of the taxed entity.
> 
> Macroeconomics: a branch of economics dealing with the
> performance, structure, behavior, and decision-making of an
> economy as a whole, rather than individual markets. This
> includes national, regional, and global economies.
> 
> Market: one of the many varieties of systems, institutions,
> procedures, social relations and infrastructures whereby parties
> engage in exchange.
> 
> Economics of the Future Begins Today
> 
> Market share: the percentage of an industry or market’s total
> sales that is earned by a particular company over a specified
> time period. Market share is calculated by taking the company’s
> sales over the period and dividing it by the total sales of the
> industry over the same period.
> 
> Maturity: the date on which the principal amount of a note,
> draft, acceptance bond or other debt instrument becomes due
> and is repaid to the investor and interest payments stop. It is
> also the termination or due date on which an installment loan
> must be paid in full.
> 
> Microeconomics: a branch of economics that studies the
> behavior of individuals and small impacting organizations in
> making decisions on the allocation of limited resources.
> 
> Mixed economy: an economic system that features
> characteristics of both capitalism and socialism. A mixed
> economic system allows a level of private economic freedom
> in the use of capital, but also allows for governments to interfere
> in economic activities in order to achieve social aims.
> 
> Monetary policy: authority of a country controlling the supply
> of money, often targeting an inflation rate or interest rate to
> ensure price stability and general trust in the currency.
> 
> Money market: as money became a commodity, the money
> market became a component of the financial markets for assets
> involved in short-term borrowing, lending, buying and selling
> with original maturities of one year or less. Trading in money
> markets is done over the counter and is wholesale.
> 
> Definition of Some Economic Terms
> 
> Money supply: the total amount of monetary assets available
> in an economy at a specific time.
> 
> Monopoly: a market structure in which there is only one
> producer/seller for a product. In other words, the single business
> is the industry.
> 
> Mortgage: used by individuals and businesses to make large
> real estate purchases without paying the entire value of the
> purchase up front.
> 
> Mutual funds: a type of professionally managed investment
> fund that pools money from many investors to purchase
> securities.
> 
> National debt: the total amount of money that a country’s
> government has borrowed, by various means.
> 
> National income: the total amount of money earned within a
> country.
> 
> Net domestic product: equals the gross domestic product
> (GDP) minus depreciation on a country’s capital goods.
> 
> Net income: calculated by taking revenues and adjusting for
> the cost of doing business, depreciation, interest, taxes and
> other expenses.
> 
> New classical economics: a school of economic thought that
> originated in the early 1970s in the work of economists centered
> at the Universities of Chicago and Minnesota—particularly,
> 
> Economics of the Future Begins Today
> 
> Robert Lucas (recipient of the Nobel Prize in 1995), Thomas
> Sargent, Neil Wallace, and Edward Prescott (co-recipient of
> the Nobel Prize in 2004).
> 
> New York Stock Exchange (NYSE): sometimes known as
> the “Big Board”, is an American stock exchange located at
> 11 Wall Street, New York in the United States. It is the world’s
> largest stock exchange by market capitalization of its listed
> companies.
> 
> Net national product (NNP): the total market value of all final
> goods and services produced by the factors of production of a
> country during a given time period, minus depreciation.
> 
> Non-tariff barriers: a form of restrictive trade where barriers
> to trade are set up and take a form other than a tariff. Nontariff
> barriers include quotas, levies, embargoes, sanctions and other
> restrictions, and are frequently used by large and developed
> economies.
> 
> Open economy: an economy in which there are economic
> activities between the domestic community and outside.
> 
> Ordinary share: a form of corporate equity ownership, a type
> of security. The terms “voting share” or “ordinary share” are
> also used frequently in other parts of the world; “common stock”
> being primarily used in the United States.
> 
> Organization of Petroleum Exporting Countries (OPEC):
> a permanent, international organization headquartered in
> Vienna, Austria, was established in 1960. Its mandate is to
> 
> Definition of Some Economic Terms
> 
> coordinate and unify the petroleum policies of its members
> and to ensure the stabilization of oil markets in order to
> secure an efficient, economic and regular supply of petroleum
> to consumers, a steady income to producers, and a fair return
> on capital for those investing in the petroleum industry.
> 
> Paper profit: unrealized capital gain in an investment. It is
> calculated by comparing the market price of a security to the
> original purchase price. Gains only become realized when the
> security is sold.
> 
> Peak pricing: a form of congestion pricing where customers
> pay an additional fee during periods of high demand. Peak
> pricing is most frequently implemented by utility companies,
> who charge higher rates during times of the year when
> demand is the highest.
> 
> Pension funds: a fund from which pensions are paid,
> accumulated from contributions from employers, employees,
> or both.
> 
> Perfect competition: the opposite of a monopoly, in which
> only a single firm supplies a particular good or service, and
> that firm can charge whatever price it wants. Here many firms
> compete with each other and that lead to lower prices for
> consumers.
> 
> Planned economy: the economic system in which decisions
> regarding production and investment are made by a central
> authority, usually by a government agency. Thus it may be
> termed a “command economy”.
> 
> Economics of the Future Begins Today
> 
> Price system: a component of any economic system that
> uses prices expressed in any form of money for the valuation
> and distribution of goods and services and the factors of
> production.
> 
> Prime rate: the lowest rate of interest at which money
> may be borrowed commercially.
> 
> Private sector: that part of the economy, sometimes
> referred to as the citizen sector, which is run by private
> individuals or groups, usually as a means of enterprise for
> profit, and is not controlled by the state (areas of the
> economy controlled by the state being referred to as the
> public sector).
> 
> Profit-sharing: a system in which the people who work
> for a company receive a direct share of the profits.
> 
> Progressive tax: a tax in which the tax rate increases as the
> taxable amount increases. The term “progressive” refers to
> the way the tax rate progresses from low to high.
> 
> Promissory note: a signed document containing a written
> promise to pay a stated sum to a specified person or the
> bearer at a specified date or on demand.
> 
> Public company: a company with securities (equity and
> debt) owned and traded by the general public through the
> public capital markets. Shares of a public company are
> openly traded and widely distributed.
> 
> Definition of Some Economic Terms
> 
> Public expenditure: spending made by the government of a
> country on collective needs and wants such as pension,
> provision, infrastructure, etc. Until the 19th century, public
> expenditure was limited as laissez faire philosophies believed
> that money left in private hands could bring better returns.
> 
> Public finance: the study of the role of the government in
> the economy. It is the branch of economics which assesses
> the government revenue and government expenditure of the
> public authorities and the adjustment of one or the other to
> achieve desirable effects and avoid undesirable ones.
> 
> Public sector: the public sector is the part of the economy
> concerned with providing various government services.
> 
> Public utility: an organization that maintains the infrastructure
> for a public service (often also providing a service using that
> infrastructure). Public utilities are subject to forms of public
> control and regulation ranging from local community-based
> groups to statewide government monopolies.
> 
> Purchase tax: a sales tax on nonessential and luxury goods.
> 
> Quotas: a legal quantity restriction placed on an imported good
> that is imposed by the domestic government.
> 
> Rate of return: a profit on an investment over a period of
> time, expressed as a proportion of the original investment. The
> time period is typically a year, in which case the rate of return
> is referred to as annual return.
> 
> Economics of the Future Begins Today
> 
> Redeemable securities: a security which can be redeemed at
> its face value at a specific date in the future.
> 
> Resource allocation: the assignment of available resources
> to various uses. In the context of an entire economy, resources
> can be allocated by markets, by central planning, or by some
> combination of the two.
> 
> Resources: a source or supply from which benefit is
> produced. Typically resources are materials, energy, services,
> staff, knowledge, or other assets that are transformed to
> produce benefit and in the process may be consumed or
> made unavailable.
> 
> Sales tax: a tax paid to for the sales of certain goods and
> services. Usually laws allow (or require) the seller to collect
> funds for the tax from the consumer at the point of purchase.
> 
> Scarcity: the fundamental economic problem of having
> seemingly unlimited human wants in a world of limited resources.
> It states that society has insufficient productive resources to
> fulfill all human wants and needs.
> 
> Securities: a financial instrument that represents: an ownership
> position in a publicly-traded corporation (stock), a creditor
> relationship with governmental body or a corporation (bond), or
> rights to ownership as represented by an option.
> 
> Services: a service is an intangible commodity such as
> accounting, banking, cleaning, consultancy, education,
> insurance, expertise, medical treatment.
> 
> Definition of Some Economic Terms
> 
> Share: the capital of a company is divided into shares. Each
> share forms a unit of ownership of a company and is offered
> for sale so as to raise capital for the company. Shares can be
> broadly divided into two categories - equity and preference
> shares.
> 
> Social security: any government system that provides
> monetary assistance to people with an inadequate or no income.
> 
> Social welfare: the provision of a minimal level of well-being
> and social support for all citizens, sometimes referred to as
> public aid.
> 
> Socialism: is a social and economic system characterised by
> social ownership of the means of production and co-operative
> management of the economy, as well as a political theory and
> movement that aims at the establishment of such a system.
> 
> Soft currency: a currency which is expected to fluctuate
> erratically or depreciate against other currencies. Such softness
> is typically the result of political or fiscal instability within the
> associated country.
> 
> Soft loan: a loan, typically one to a developing country, made
> on terms very favorable to the borrower.
> 
> Stabilization policy: a package or set of measures introduced
> to stabilize a financial system or economy. The term can refer
> to policies in two distinct sets of circumstances: business cycle
> stabilization and crisis stabilization. In either case, it is a form
> of discretionary policy.
> 
> Economics of the Future Begins Today
> 
> Stagflation: persistent high inflation combined with high
> unemployment and stagnant demand in a country’s economy.
> 
> Stamp duty: a tax that is levied on documents. Historically,
> this included the majority of legal documents such as cheques,
> receipts, military commissions, marriage licences and land
> transactions.
> 
> Standard deviation: the standard deviation (SD)
> (represented by the Greek letter sigma, ó) is a measure that
> is used to quantify the amount of variation or dispersion of
> a set of data values.
> 
> Stock: the capital raised by a business or corporation through
> the issue and subscription of shares.
> 
> Subsidiaries: a company whose voting stock is more than
> 50% controlled by another company, usually referred to as
> the parent company or holding company. A subsidiary is a
> company that is partly or completely owned by another
> company that holds a controlling interest in the subsidiary
> company.
> 
> Subsidy: a form of financial aid or support extended to an
> economic sector (or institution, business, or individual)
> generally with the aim of promoting economic and social
> policy.
> 
> Supply: the amount of something that firms, consumers,
> laborers, providers of financial assets, or other economic
> agents are willing to provide to the marketplace.
> 
> Definition of Some Economic Terms
> 
> Take-over: the purchase of one company (the target) by
> another (the acquirer, or bidder).
> 
> Tariffs: a tax imposed on imported goods and services.
> Tariffs are used to restrict trade, as they increase the price
> of imported goods and services, making them more expensive
> to consumers.
> 
> Taxation: the act of a taxing authority actually levying tax.
> Taxation as a term applies to all types of taxes, from income
> to gift to estate taxes.
> 
> Tenders: an offer to carry out work, supply goods, or buy
> land, shares, or another asset at a stated fixed price.
> 
> Term loan: term loans can be given on an individual basis
> but are often used for small business loans. The ability to
> repay over a long period of time is attractive for new or
> expanding enterprises, as the assumption is that they will
> increase their profit over time.
> 
> Transfer costs: total opportunity cost of moving an item
> from one place to another, including transport costs, loading
> and unloading costs, and administrative costs.
> 
> Transfer payments: a transfer payment (or government
> transfer or simply transfer) is a redistribution of income in the
> market system.
> 
> Treasury: the funds or revenue of a government, corporation,
> or institution.
> 
> Economics of the Future Begins Today
> 
> Turnover: in accounting, the number of times an asset is
> replaced during a financial period or the number of shares
> traded for a period as a percentage of the total shares in a
> portfolio or of an exchange.
> 
> Underwriting: the practice by which investment bankers
> represent corporate and government entities in the initial public
> offering of their securities. The investment bankers cover the
> risk of selling the securities to the public.
> 
> Utilitarianism: a theory suggesting that the moral action is
> the one that maximizes utility. Utility is defined in various ways,
> including pleasure, economic well-being and the lack of
> suffering. The goal of utilitarian ethics is to promote the
> greatest happiness for the greatest number.
> 
> Utility: a measure of preferences over some set of goods
> and services. The concept is an important underpinning of
> rational choice theory. Utility is an important concept in
> economics, because it represents satisfaction experienced by
> the consumer of a good.
> 
> Value-added tax (VAT): a type of consumption tax that is
> placed on a product whenever value is added at a stage of
> production and at final sale.
> 
> Variable costs: those costs that vary depending on a company’s
> production volume; they rise as production increases and fall as
> production decreases. Variable costs differ from fixed costs
> such as rent, advertising, insurance and office supplies, which
> tend to remain the same regardless of production output.
> 
> Definition of Some Economic Terms
> 
> Voting shares: shares that give the stockholder the right to
> vote on matters of corporate policy making as well as who will
> compose the members of the board of directors.
> 
> Warrants: a security that entitles the holder to buy the
> underlying stock of the issuing company at a fixed price called
> exercise price until the expiry date.
> 
> Welfare economics: a branch of economics that uses
> microeconomic techniques to evaluate well-being (welfare)
> at t he aggregate (economy-wide) level. A typical
> methodology begins with the derivation (or assumption) of
> a social welfare function, which can then be used to rank
> economically feasible allocations of resources in terms of
> the social welfare they entail.
> 
> Window dressing: a strategy used by mutual fund and
> portfolio managers near the year or quarter end to improve
> the appearance of the portfolio/fund performance before
> presenting it to clients or shareholders. To window dress, the
> fund manager will sell stocks with large losses and purchase
> high flying stocks near the end of the quarter. These securities
> are then reported as part of the fund’s holdings.
> 
> Withholding tax: the amount of an employee’s pay withheld
> by the employer and sent directly to the government as partial
> payment of income tax.
> 
> Working capital: a financial metric which represents
> operating liquidity available to a business, organization or
> other entity, including governmental entity. Along with fixed
> 
> Economics of the Future Begins Today
> 
> assets such as plant and equipment, working capital is
> considered a part of operating capital.
> 
> World Trade Organization (WTO): an intergovernmental
> organization which regulates international trade.
> 
> X-efficiency: the difference between efficient behavior of
> businesses assumed or implied by economic theory and
> their observed behavior in practice. It occurs when technical
> efficiency is not being achieved due to a lack of competitive
> pressure.
> 
> Yield: the income return on an investment. This refers to
> the interest or dividends received from a security and is
> usually expressed annually as a percentage based on the
> investment’s cost, its current market value or its face value.
> 
> Compilation of the Writings on Economics
> “Economics of the Future”
> 
> Economics of the Future Begins Today
> 
> APPLICATION OF ECONOMIC TEACHINGS TO
> MODERN PROBLEMS
> First we have to study the economic teachings in the light of
> modern problems more thoroughly so that we may advocate
> what the Founders of the Faith say and not what we
> conjecture from Their Writings. There is great difference
> between sounding a great general principle and finding its
> application to actual prevailing conditions.
> - Shoghi Effendi, Directives of the Guardian, p.21
> 
> For legal standards, political and economic theories are solely
> designed to safeguard the interests of humanity as a whole,
> and not humanity to be crucified for the preservation of the
> integrity of any particular law or doctrine.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.42
> 
> … the Teachings of Bahá’u’lláh and ‘Abdu’l-Bahá do not
> provide specific and detailed solutions to all such economic
> questions which mostly pertain to the domain of technical
> economics, and as such do not concern directly the Cause.
> True, there are certain guiding principles in Bahá’í Sacred
> Writings on the subject of economics, but these do by no
> means cover the whole field of theoretical and applied
> economics, and are mostly intended to guide further Bahá’í
> economic writers and technicians to evolve an economic
> system which would function in full conformity with the spirit
> and the exact provisions of the Cause on this and similar
> subjects. The International House of Justice will have, in
> consultation with economic experts, to assist in the formulation
> and evolution of the Bahá’í economic system of the future.
> One thing, however, is certain that the Cause neither accepts
> 
> Compilation of the Writings of Economics
> 
> the theories of the Capitalistic economics in full, nor can it
> agree with the Marxists and Communists in their repudiation
> of the principle of private ownership and of the vital sacred
> rights of the individual.
> - Shoghi Effendi, Lights of Guidance, p.549–550. (From a
> letter written on behalf of Shoghi Effendi to an individual
> believer, 10 June 1930)
> 
> … the Writings are not so rich on this subject and many issues
> at present baffling the minds of the world are not even
> mentioned. The primary consideration is the spirit that has to
> permeate our economic life and this will gradually crystallize
> itself into definite institutions and principles that will help to
> bring about the ideal conditions foretold by Bahá’u’lláh.
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.550. (From a letter written on behalf of Shoghi
> Effendi to the National Spiritual Assembly of the United States
> and Canada, 20 December 1931: Bahá’í News, No. 90,
> March 1935, p.2)
> 
> BAHÁ’Í WORLD COMMONWEALTH
> … inscrutable wisdom designed ultimately to weld the mutually
> antagonistic elements of human society into a single,
> organically-united, unshatterable world commonwealth.
> - Shoghi Effendi, Messages to America, p.81
> 
> … which [state religion] in turn must give way to its assumption
> of the rights and prerogatives associated with the Bahá’í state,
> functioning in the plenitude of its powers, a stage which must
> ultimately culminate in the emergence of the world-wide Bahá’í
> Commonwealth, ….
> - Shoghi Effendi, The Advent of Divine Justice, p.12
> 
> Economics of the Future Begins Today
> 
> … the precautionary and defensive measures to be devised,
> co-ordinated, and carried out to counteract the full force of
> the inescapable attacks which the organized efforts of
> ecclesiastical organizations of various denominations will
> progressively launch and relentlessly pursue; and, last but
> not least, the multitudinous issues that must be faced, the
> obstacles that must be overcome, and the responsibilities
> that must be assumed, to enable a sore-tried Faith to pass
> through the successive stages of unmitigated obscurity, of
> active repression, and of complete emancipation, leading in
> turn to its being acknowledged as an independent Faith,
> enjoying the status of full equality with its sister religions, to
> be followed by its establishment and recognition as a State
> religion, which in turn must give way to its assumption of the
> rights and prerogatives associated with the Bahá’í state,
> functioning in the plenitude of its powers, a stage which must
> ultimately culminate in the emergence of the world-wide
> Bahá’í Commonwealth, animated wholly by the spirit, and
> operating solely in direct conformity with the laws and
> principles of Bahá’u’lláh.
> - Shoghi Effendi, The Advent of Divine Justice, p.14–15
> 
> It is the structure of His New World Order, now stirring in the
> womb of the administrative institutions He Himself has created,
> that will serve both as a pattern and a nucleus of that world
> commonwealth which is the sure, the inevitable destiny of the
> peoples and nations of the earth.
> - Shoghi Effendi, The Promised Day is Come, p.118
> 
> It is the superstructure of that self-same Order, attaining its full
> stature through the emergence of the Bahá’í World
> 
> Compilation of the Writings of Economics
> 
> Commonwealth—the Kingdom of God on earth—which the
> Golden Age of that same Dispensation must, in the fullness of
> time, ultimately witness.
> - Shoghi Effendi, God Passes By, p.26
> 
> For as the authority with which Bahá’u’lláh has invested the
> future Bahá’í Commonwealth becomes more and more
> apparent, the fiercer shall be the challenge which from every
> quarter will be thrown at the verities it enshrines.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.18
> 
> And as the Bahá’í Faith permeates the masses of the peoples
> of East and West, and its truth is embraced by the majority of
> the peoples of a number of the Sovereign States of the world,
> will the Universal House of Justice attain the plenitude of its
> power, and exercise, as the supreme organ of the Bahá’í
> Commonwealth, all the rights, the duties, and responsibilities
> incumbent upon the world’s future super-state.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.7
> 
> It [the Monument Gardens—the resting place of the Greatest
> Holy Leaf on Mount Carmel] marks, too, a further milestone
> in the road leading eventually to the establishment of that
> permanent world Administrative Centre of the future Bahá’í
> Commonwealth, destined never to be separated from, and to
> function in the proximity of, the Spiritual Centre of that Faith, ….
> - Shoghi Effendi, God Passes By, p.348
> 
> To us, the “generation of the half-light,” living at a time
> which may be designated as the period of the incubation of
> the World Commonwealth envisaged by Bahá’u’lláh, has
> been assigned a task whose high privilege we can never
> 
> Economics of the Future Begins Today
> 
> sufficiently appreciate, and the arduousness of which we
> can as yet but dimly recognize.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.168–69
> 
> … the Faith of Bahá’u’lláh is now visibly succeeding in
> demonstrating its claim and title to be regarded as a World
> Religion, destined to attain, in the fullness of time, the status of
> a world-embracing Commonwealth, which would be at once
> the instrument and the guardian of the Most Great Peace
> announced by its Author.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.196
> 
> The process of disintegration must inexorably continue, and its
> corrosive influence must penetrate deeper and deeper into the
> very core of a crumbling age. Much suffering will still be
> required ere the contending nations, creeds, classes and races
> of mankind are fused in the crucible of universal affliction, and
> are forged by the fires of a fierce ordeal into one organic
> commonwealth, one vast, unified, and harmoniously functioning
> system. Adversities unimaginably appalling, undreamed of crises
> and upheavals, war, famine, and pestilence, might well combine
> to engrave in the soul of an unheeding generation those truths
> and principles which it has disdained to recognize and follow.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.193
> 
> … it [The Declaration of Trust and By-Laws of the National
> Spiritual Assembly of the United States] stands in its final form
> as a worthy and faithful exposition of the constitutional basis of
> Bahá’í communities in every land, foreshadowing the final
> emergence of the world Bahá’í Commonwealth of the future.
> - Shoghi Effendi, Bahá’í Administration, p.135
> 
> Compilation of the Writings of Economics
> 
> This final and crowning stage [World Bahá’í Commonwealth]
> in the evolution of the plan wrought by God Himself for
> humanity will, in turn, prove to be the signal for the birth of
> a world civilization, incomparable in its range, its character
> and potency, in the history of mankind ….
> - Shoghi Effendi, Messages to the Bahá’í World, p.155
> 
> BAHÁ’Í ECONOMIC SYSTEM
> There are practically no technical teachings on economics in
> the Cause, such as banking, the price system, and others.
> The Cause is not an economic system, nor its Founders be
> considered as having been technical economists. The
> contribution of the Faith to this subject is essentially indirect,
> as it consists of the application of spiritual principles to our
> present-day economic system. Bahá’u’lláh has given us a
> few basic principles which should guide future Bahá’í
> economists in establishing such institutions which will adjust
> the economic relationships of the world.
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.551. (From a letter written on behalf of Shoghi
> Effendi to an individual believer, 25 January 1936: Bahá’í News,
> No. 103, October 1936, p.2)
> 
> With regard to your wish for reorganizing your business
> along Bahá’í lines, Shoghi Effendi deeply appreciates the
> spirit that has permitted you to make such a suggestion. But
> he feels nevertheless that the time has not yet come for any
> believer to bring about such a fundamental change in the
> economic structure of our society, however restricted may
> be the field for such an experiment. The economic teachings
> of the Cause, though well known in their main outline, have
> 
> Economics of the Future Begins Today
> 
> not as yet been sufficiently elaborated and systematized to
> allow anyone to make an exact and thorough application of
> them even on a restricted scale.
> - Shoghi Effendi, Directives of the Guardian, p.19–20
> 
> The International House of Justice will have, in consultation with
> economic experts, to assist in the formulation and evolution of
> the Bahá’í economic system of the future.
> - Shoghi Effendi, Lights of Guidance, p.550. (From a letter
> written on behalf of Shoghi Effendi to an individual believer,
> 10 June 1930: Extracts from the Bahá’í Writings on the Subject
> of Agriculture and Related Subjects, A Compilation of the
> Universal House of Justice)
> 
> … the Writings are not so rich on this subject and many issues
> at present baffling the minds of the world are not even
> mentioned. The primary consideration is the spirit that has to
> permeate our economic life, and this will gradually crystallize
> itself into definite institutions and principles that will help to
> bring about the ideal condition foretold by Bahá’u’lláh.
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.550. (From a letter written on behalf of Shoghi
> Effendi to the National Spiritual Assembly of the United States
> and Canada, 20 December 1931: Bahá’í News, No. 90,
> March 1935, p.2)
> 
> … Bahá’u’lláh did not bring a complete system of economics
> to the world. Profit sharing is recommended as a solution to one
> form of economic problems.
> - Shoghi Effendi, Directives of the Guardian, p.20); and Lights
> of Guidance, p.551 (From a letter written on behalf of the
> Guardian to an individual believer, 19 November 1945: Bahá’í
> News, No. 210, August 1948, p.3
> 
> Compilation of the Writings of Economics
> 
> As regards the activities of the economic committee of the
> National Assembly; Shoghi Effendi fully sympathizes with the
> desire of some of the members to see the Committee find
> ways and means to put into practice the economic teachings
> of the Cause, as explained in some of the recorded Writings
> and Sayings of Bahá’u’lláh and the Master. But he believes
> that the time is not yet ripe for such activities.
> - Shoghi Effendi, Directives of the Guardian, p.21
> 
> DIVINE ECONOMY
> Does not the very operation of the world-unifying forces that
> are at work in this age necessitate that He Who is the Bearer
> of the Message of God in this day should not only reaffirm that
> self-same exalted standard of individual conduct inculcated by
> the Prophets gone before Him, but embody in His appeal, to all
> governments and peoples, the essentials of that social code, that
> Divine Economy, which must guide humanity’s concerted efforts
> in establishing that all-embracing federation which is to
> signalize the advent of the Kingdom of God on this earth?
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.61
> 
> In like manner are the Bahá’í economic principles the
> embodiment of the highest aspirations of all wage-earning
> classes and of economists of various schools.
> - ‘Abdu’l-Bahá, Tablet to August Forel, p.26, Haifa,
> 21 September 1921
> 
> … By the statement ‘the economic solution is divine in nature’
> is meant that religion alone can, in the last resort, bring in
> man’s nature such a fundamental change as to enable him to
> adjust the economic relationships of society. It is only in this
> 
> Economics of the Future Begins Today
> 
> way that man can control the economic forces that threaten to
> disrupt the foundations of his existence, and thus assert his
> mastery over the forces of nature.
> - Shoghi Effendi, Lights of Guidance, p.551. (From a letter
> written on behalf of Shoghi Effendi to an individual believer,
> 26 December 1935)
> 
> ECONOMIC RESOURCES
> The economic resources of the world will be organized, its
> sources of raw materials will be tapped and fully utilized, its
> markets will be coordinated and developed, and the distribution
> of its products will be equitably regulated.
> … The enormous energy dissipated and wasted on war,
> whether economic or political, will be consecrated to such
> ends as will extend the range of human inventions and technical
> development, to the increase of the productivity of mankind,
> to the extermination of disease, to the extension of scientific
> research, to the raising of the standard of physical health, to
> the sharpening and refinement of the human brain, to the
> exploitation of the unused and unsuspected resources of the
> planet, to the prolongation of human life, and to the furtherance
> of any other agency that can stimulate the intellectual, the
> moral, and spiritual life of the entire human race.
> A world federal system, ruling the whole earth and
> exercising unchallengeable authority over its unimaginably vast
> resources, blending and embodying the ideals of both the East
> and the West, liberated from the curse of war and its miseries,
> and bent on the exploitation of all the available sources of
> energy on the surface of the planet, a system in which Force
> is made the servant of Justice, whose life is sustained by its
> universal recognition of one God and by its allegiance to one
> 
> Compilation of the Writings of Economics
> 
> common Revelation—such is the goal towards which humanity,
> impelled by the unifying forces of life, is moving.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.204
> 
> Praise be to God! A wonderful thing is perceived: the lightning
> and similar forces are subdued by a conductor, and act by His
> Command. Exalted is the mighty One who hath made manifest
> that which He desired, through His absolute, invincible command!
> O people of Bahá! Each one of the revealed commands is
> a strong fortress for the protection of the world. Verily this
> oppressed One only wishes your security and elevation.
> - Bahá’u’lláh, Bahá’í World Faith, p.183
> 
> From every standpoint the world of humanity is undergoing
> a reformation. The laws of former governments and civilizations
> are in process of revision; scientific ideas and theories are
> developing and advancing to meet a new range of phenomena;
> invention and discovery are penetrating hitherto unknown
> fields, revealing new wonders and hidden secrets of the
> material universe; industries have vastly wider scope and
> production; everywhere the world of mankind is in the throes
> of evolutionary activity indicating the passing of the old
> conditions and advent of the new age of reformation.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.439,
> New York, 17 November 1912
> 
> TARIFFS AND OTHER ECONOMIC BARRIERS
> That a narrow and brutal nationalism, which the post-war
> theory of self-determination has served to reinforce, has been
> chiefly responsible for the policy of high and prohibitive tariffs,
> so injurious to the healthy flow of international trade and to
> 
> Economics of the Future Begins Today
> 
> the mechanism of international finance, is a fact which few
> would venture to dispute.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.35
> 
> A world community in which all economic barriers will have
> been permanently demolished and the interdependence of
> Capital and Labour definitely recognized; ….
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.41
> 
> ECONOMIC ADJUSTMENT
> The fourth principle or teaching of Bahá’u’lláh is the readjustment
> and equalization of the economic standards of mankind. This
> deals with the question of human livelihood. It is evident that
> under present systems and conditions of government the poor are
> subject to the greatest need and distress while others more fortunate
> live in luxury and plenty far beyond their actual necessities.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.107,
> Pittsburgh, Pennsylvania, 7 May 1912
> 
> Through the manifestation of God’s great equity the poor of the
> world will be rewarded and assisted fully, and there will be a
> readjustment in the economic conditions of mankind so that in the
> future there will not be the abnormally rich nor the abject poor.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132,
> Jersey City, New Jersey, 19 May 1912
> 
> The readjustment of the economic laws for the livelihood of man
> must be effected in order that all humanity may live in the greatest
> happiness according to their respective degrees.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.170,
> New York, 2 June 1912
> 
> Compilation of the Writings of Economics
> 
> This readjustment of the social economy is of the greatest
> importance inasmuch as it ensures the stability of the world
> of humanity; and until it is effected, happiness and prosperity
> are impossible.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace,
> p.181-182, Philadelphia, Pennsylvania, 9 June 1912
> 
> WORLD CURRENCY
> … uniform and universal system of currency, of weights and
> measures, will simplify and facilitate intercourse and
> understanding among the nations and races of mankind.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> ECONOMIC PROBLEMS
> a) The Nature and Causes of Economic Problems
> It seems as though all creatures can exist singly and alone.
> For example, a tree can exist solitary and alone on a given
> prairie or in a valley or on the mountainside. An animal upon
> a mountain or a bird soaring in the air might live a solitary
> life. They are not in need of cooperation or solidarity. Such
> animated beings enjoy the greatest comfort and happiness in
> their respective solitary lives.
> On the contrary, man cannot live singly and alone. He is
> in need of continuous cooperation and mutual help. For
> example, a man living alone in the wilderness will eventually
> starve. He can never, singly and alone, provide himself with all
> the necessities of existence. Therefore, he is in need of
> co-operation and reciprocity.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.38
> 
> Economics of the Future Begins Today
> 
> Although the body politic is one family yet because of lack
> of harmonious relations some members are comfortable and
> some in direst misery, some members are satisfied and some
> are hungry, some members are clothed in most costly garments
> and some families are in need of food and shelter. Why?
> Because this family lacks the necessary reciprocity and
> symmetry. This household is not well arranged. This household
> is not living under a perfect law. All the laws which are
> legislated do not ensure happiness. They do not provide
> comfort. Therefore a law must be given to this family by
> means of which all the members of this family will enjoy
> equal well-being and happiness.
> Is it possible for one member of a family to be subjected
> to the utmost misery and to abject poverty and for the rest of
> the family to be comfortable? It is impossible unless those
> members of the family be senseless, atrophied, inhospitable,
> unkind. Then they would say, “Though these members do
> belong to our family—let them alone.
> Such utter indifference in the human family is due to
> lack of control, to lack of a working law, to lack of kindness
> in its midst. If kindness had been shown to the members of
> this family surely all the members thereof would have
> enjoyed comfort and happiness.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.38
> 
> Now the root cause of these difficulties lies in the law of
> nature that governs present-day civilization, for it results in
> a handful of people accumulating vast fortunes that far
> exceed their needs, while the greater number remain
> naked, destitute, and helpless.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.315
> 
> Compilation of the Writings of Economics
> 
> The body of the human world is sick. Its remedy and healing
> will be the oneness of the kingdom of humanity. Its life is the
> Most Great Peace. Its illumination and quickening is love.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.19,
> New York, 16 April 1912
> 
> Economic plans of reconstruction have been carefully
> devised, and meticulously executed. And yet crisis has
> succeeded crisis, and the rapidity with which a perilously
> unstable world is declining has been correspondingly
> accelerated. A yawning gulf threatens to involve in one
> common disaster both the satisfied and dissatisfied nations,
> democracies and dictatorships, capitalists and wage-earners,
> Europeans and Asiatics, Jew and Gentile, white and coloured.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.190
> 
> b) The Solution to Economic Problems
> The fundamentals of the whole economic condition are divine in
> nature and are associated with the world of the heart and spirit.
> This is fully explained in the Bahá’í teaching, and without
> knowledge of its principles no improvement in the economic
> state can be realized.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.238,
> Boston, Massachusetts, 23 July 1912
> 
> The Bahá’í Cause covers all economic and social questions
> under the heading and ruling of its laws. The essence of the
> Bahá’í spirit is that, in order to establish a better social order
> and economic condition, there must be allegiance to the laws
> and principles of government.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.238,
> Boston, Massachusetts, 23 July 1912
> 
> Economics of the Future Begins Today
> 
> ‘Abdu’l-Bahá … has said: “All economic problems may be
> solved by the application of the Science of the Love of
> God.” That is to say: if the Rule called golden and treated as
> if it were leaden (Worse: for lead has its uses but so far as
> one may determine, the Golden Rule has been laid on a shelf
> whose dust is seldom disturbed.)—if that Rule were actually
> applied to the world’s economic problems, which if not
> solved bid fair to destroy us, and the love of God, the sort
> of love which makes a home life happy, were used as a
> scientific measurement to regulate our international and
> national affairs; to settle all relations between labour and
> capital, between rich and poor: to regulate all coinage and
> commerce, can there be any doubt that the results would be
> far more conducive to human welfare than our present
> policies have produced?
> - Howard Colby Ives, Portals to Freedom, p.156
> 
> ROLE OF GOVERNMENTS IN ECONOMIC AFFAIRS
> Subject to their approval a place should be fixed where they
> would meet. There they should hold fast to the cord of
> consultation and adopt and enforce that which is conducive
> to the security, prosperity, wealth and tranquillity of the
> people.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.92–93
> 
> It is incumbent upon the Trustees of the House of Justice to
> take counsel together regarding those things which have not
> outwardly been revealed in the Book, and to enforce that
> which is agreeable to them.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.68; and quoted by
> Shoghi Effendi in The World Order of Bahá’u’lláh, p.23
> 
> Compilation of the Writings of Economics
> 
> All the governments of the world must be united and
> organize an assembly the members of which should be
> elected from the parliaments and the nobles of the nations.
> These must plan with utmost wisdom and power so that
> neither the capitalist suffer from enormous losses nor the
> labourers become needy. In the utmost moderation they
> should make the law; then announce to the public that the
> rights of the working people are to be strongly preserved.
> Also the rights of the capitalists are to be protected. When
> such a general plan is adopted by the will of both sides,
> should a strike occur, all the governments of the world
> collectively should resist it. Otherwise, the labour problem
> will lead to much destruction, ….
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> The intervention of the government and the courts in the
> problems arising between owners and workers is fully
> warranted, since these are not such particular matters as
> are ordinary transactions between two individuals, which
> do not concern the public and in which the government
> should have no right to interfere. For problems between
> owners and workers, though they may appear to be a private
> matter, are detrimental to the common good, since the
> commercial, industrial, and agricultural affairs, and even the
> general business of the nation, are all intimately linked
> together. An impairment to one is a loss to all. And since
> the problems between owners and workers are detrimental
> to the common good, the government and the courts have
> therefore the right to intervene.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.318-319
> 
> Economics of the Future Begins Today
> 
> A world federal system, ruling the whole earth and exercising
> unchallengeable authority over its unimaginably vast resources,
> blending and embodying the ideals of both the East and the
> West, liberated from the curse of war and its miseries, and
> bent on the exploitation of all the available sources of energy
> on the surface of the planet, a system in which Force is made
> the servant of Justice, whose life is sustained by its universal
> recognition of one God and by its allegiance to one common
> Revelation—such is the goal towards which humanity, impelled
> by the unifying forces of life, is moving.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.204
> 
> This commonwealth must, as far as we can visualize it, consist
> of a world legislature, whose members will, as the trustees of
> the whole of mankind, ultimately control the entire resources of
> all the component nations, and will enact such laws as shall be
> required to regulate the life, satisfy the needs and adjust the
> relationships of all races and peoples. A world executive, backed
> by an international Force, will carry out the decisions arrived at,
> and apply the laws enacted by, this world legislature, and will
> safeguard the organic unity of the whole commonwealth. A world
> tribunal will adjudicate and deliver its compulsory and final verdict
> in all and any disputes that may arise between the various elements
> constituting this universal system. A mechanism of world inter-
> communication will be devised, embracing the whole planet,
> freed from national hindrances and restrictions, and functioning
> with marvellous swiftness and perfect regularity. A world
> metropolis will act as the nerve centre of a world civilization, the
> focus towards which the unifying forces of life will converge and
> from which its energizing influences will radiate.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> Compilation of the Writings of Economics
> 
> MAN—NOT A MERE FACTOR IN PRODUCTION
> Lofty is the station of man, were he to hold fast to
> righteousness and truth and to remain firm and steadfast in
> the Cause. In the eyes of the All-Merciful a true man
> appeareth even as a firmament; its sun and moon are his
> sight and hearing, and his shining and resplendent character
> its stars. His is the loftiest station, and his influence educateth
> the world of being.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.220
> 
> Man possesses conscious intelligence and reflection; nature
> does not. This is an established fundamental among
> philosophers. Man is endowed with volition and memory;
> nature has neither. Man can seek out the mysteries latent in
> nature, whereas nature is not conscious of her own hidden
> phenomena. Man is progressive; nature is stationary, without
> the power of progression or retrogression. Man is endowed
> with ideal virtues—for example, intellection, volition, faith,
> confession and acknowledgement of God—while nature is
> devoid of all these. The ideal faculties of man, including the
> capacity for scientific acquisition, are beyond nature’s ken.
> These are powers whereby man is differentiated and
> distinguished from all other forms of life.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.51,
> Washington, D.C., 23 April 1912
> 
> EQUALITY
> O children of men!
> Know ye not why We created you all from the same dust? That
> no one should exalt himself over the other. Ponder at all times
> 
> Economics of the Future Begins Today
> 
> in your hearts how ye were created. Since We have created
> you all from one same substance it is incumbent on you to be
> even as one soul, to walk with the same feet, eat with the same
> mouth and dwell in the same land, that from your inmost being,
> by your deeds and actions, the signs of oneness and the essence
> of detachment may be made manifest. Such is My counsel to
> you, O concourse of light! Heed ye this counsel that ye may
> obtain the fruit of holiness from the tree of wondrous glory.
> - Bahá’u’lláh, The Hidden Words, Arabic No. 68
> 
> Likewise with regard to the party of ‘equality’ which seeks
> the solution of the economic problems: until now all proposed
> solutions have proved impracticable except the economic
> proposals in the teachings of Bahá’u’lláh which are practicable
> and cause no distress to society.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.305
> 
> But in the divine teachings equality is brought about through
> a ready willingness to share. It is commanded as regards
> wealth that the rich among the people, and the aristocrats
> should, by their own free will and for the sake of their own
> happiness, concern themselves with and care for the poor.
> This equality is the result of the lofty characteristics and
> noble attributes of mankind.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.44
> 
> Now the remedy [inequality of wealth] must be carefully
> undertaken. It cannot be done by bringing to pass absolute
> equality between men.
> Equality is a chimera! It is entirely impracticable! Even if
> equality could be achieved it could not continue—and if its
> existence were possible, the whole order of the world would be
> 
> Compilation of the Writings of Economics
> 
> destroyed. The law of order must always obtain in the world of
> humanity. Heaven has so decreed in the creation of man.
> - ‘Abdu’l-Bahá, Paris Talks, p.151–152
> 
> One must therefore enact such laws and regulations as will
> moderate the excessive fortunes of the few and meet the
> basic needs of the myriad millions of the poor, that a degree
> of moderation may be achieved. However, absolute equality
> is just as untenable, for complete equality in wealth, power,
> commerce, agriculture, and industry would result in chaos
> and disorder, disrupt livelihoods, provoke universal discontent,
> and undermine the orderly conduct of the affairs of the
> community. For unjustified equality is also fraught with peril.
> It is preferable, then, that some measure of moderation be
> achieved, and by moderation is meant the enactment of such
> laws and regulations as would prevent the unwarranted
> concentration of wealth in the hands of the few and satisfy
> the essential needs of the many. For instance, the factory
> owners reap a fortune every day, but the wage the poor
> workers are paid cannot even meet their daily needs. This is
> most unfair, and assuredly no just man can accept it.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.316
> 
> DIFFERENT DEGREES AND CAPACITIES OF MAN
> Nevertheless, there will be preservation of degree because in
> the world of humanity there must needs be degrees. The body
> politic may well be likened to an army. In this army there must
> be a general, there must be a sergeant, there must be a marshal,
> there must be the infantry; but all must enjoy the greatest
> comfort and welfare.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.41
> 
> Economics of the Future Begins Today
> 
> The arrangements of the circumstances of the people must
> be such that poverty shall disappear, that everyone, as far as
> possible, according to his rank and position, shall share in
> comfort and well-being.
> We see amongst us men who are overburdened with
> riches on the one hand, and on the other those unfortunate
> ones who starve with nothing; those who possess several
> stately palaces, and those who have not where to lay their
> head. Some we find with numerous courses of costly and
> dainty food; whilst others can scarce find sufficient crusts to
> keep them alive. Whilst some are clothed in velvets, furs and
> fine linen, others have insufficient, poor and thin garments
> with which to protect them from the cold.
> - ‘Abdu’l-Bahá, Paris Talks, p.151
> 
> Some are full of intelligence, others have an ordinary
> amount of it, and others again are devoid of intellect. In these
> three classes of men there is order but not equality. How
> could it be possible that wisdom and stupidity should be
> equal? Humanity, like a great army, requires a general,
> captains, under-officers in their degree, and soldiers, each
> with their own appointed duties. Degrees are absolutely
> necessary to ensure an orderly organization. An army could
> not be composed of generals alone, or of captains only, or of
> nothing but soldiers without one in authority. The certain result
> of such a plan would be that disorder and demoralization
> would overtake the whole army.
> - ‘Abdu’l-Bahá, Paris Talks, p.152
> 
> The essence of the matter is that divine justice will become
> manifest in human conditions and affairs, and all mankind will
> 
> Compilation of the Writings of Economics
> 
> find comfort and enjoyment in life. It is not meant that all will
> be equal, for inequality in degree and capacity is a property
> of nature. Necessarily there will be rich people and also
> those who will be in want of their livelihood, but in the
> aggregate community there will be equalization and
> readjustment of values and interests.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132,
> Jersey City, New Jersey, 19 May 1912
> 
> For the community needs financier, farmer, merchant and
> labourer just as an army must be composed of commander,
> officers and privates. All cannot be commanders; all cannot
> be officers or privates. Each in his station in the social fabric
> must be competent—each in his function according to ability
> but with justness of opportunity for all.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.216,
> New York, 1 July 1912
> 
> When the laws He has instituted are carried out, there will
> be no millionaires possible in the community and likewise
> no extremely poor. This will be effected and regulated by
> adjusting the different degrees of human capacity.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.217,
> New York, 1 July 1912
> 
> Social inequality is the inevitable outcome of the natural
> inequality of man. Human beings are different in ability and
> should, therefore, be different in their social and economic
> standing. Extremes of wealth and poverty should, however,
> be abolished ….
> - Shoghi Effendi, Directives of the Guardian, p.20
> 
> Economics of the Future Begins Today
> 
> PROFESSIONS AND CRAFTS
> a) Work and Professions
> … Whatever the progress of the machinery may be, man will
> have always to toil in order to earn his living. Effort is an
> inseparable part of man’s life. It may take different forms with
> the changing conditions of the world, but it will be always present
> as a necessary element in our earthly existence. Life is after all
> a struggle. Progress is attained through struggle, and without
> such a struggle life ceases to have a meaning; it becomes even
> extinct. The progress of machinery has not made effort
> unnecessary. It has given it a new form, a new outlet.
> - Shoghi Effendi, Lights of Guidance, p.551. (From a letter written on
> behalf of Shoghi Effendi to an individual believer, December 26, 1935)
> 
> It is enjoined upon every one of you to engage in some form of
> occupation, such as crafts, trades and the like. We have
> graciously exalted your engagement in such work to the rank of
> worship unto God, the True One. Ponder ye in your hearts the
> grace and the blessings of God and render thanks unto Him at
> eventide and at dawn. Waste not your time in idleness and sloth.
> Occupy yourselves with that which profiteth yourselves and
> others. Thus hath it been decreed in this Tablet from whose
> horizon the day-star of wisdom and utterance shineth resplendent.
> The most despised of men in the sight of God are those
> who sit idly and beg. Hold ye fast unto the cord of material
> means, placing your whole trust in God, the Provider of all
> means. When anyone occupieth himself in a craft or trade,
> such occupation itself is regarded in the estimation of God as
> an act of worship; and this is naught but a token of His infinite
> and all-pervasive bounty.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.26
> 
> Compilation of the Writings of Economics
> 
> With reference to Bahá’u’lláh’s command concerning the
> engagement of the believers in some sort of profession; the
> teachings are most emphatic on this matter, particularly the
> statement in the Aqdas to this effect which makes it quite clear
> that idle people who lack the desire to work can have no
> place in the new World Order. As a corollary of this principle,
> Bahá’u’lláh further states that mendicity should not only be
> discouraged but entirely wiped out from the face of society. It
> is the duty of those who are in charge of the organization of
> society to give every individual the opportunity of acquiring the
> necessary talent in some kind of profession, and also the means
> of utilizing such a talent, both for its own sake and for the sake
> of earning the means of his livelihood. Every individual, no
> matter how handicapped and limited he may be, is under the
> obligation of engaging in some work or profession, for work,
> especially when performed in the spirit of service, is according
> to Bahá’u’lláh, a form of worship. It has not only a utilitarian
> purpose, but has a value in itself, because it draws us nearer
> to God, and enables us to better grasp His purpose for us in
> this world. It is obvious, therefore, that the inheritance of
> wealth cannot make anyone immune from daily work.
> - Shoghi Effendi, Directives of the Guardian, p.82–83
> 
> O MY SERVANTS!
> Ye are the trees of My garden; ye must give forth goodly and
> wondrous fruits, that ye yourselves and others may profit
> therefrom. Thus it is incumbent on every one to engage in crafts
> and professions, for therein lies the secret of wealth, O men of
> understanding! For results depend upon means, and the grace
> of God shall be all-sufficient unto you. Trees that yield no fruit
> have been and will ever be for the fire.
> 
> Economics of the Future Begins Today
> 
> O MY SERVANTS!
> The basest of men are they that yield no fruit on earth. Such
> men are verily counted as among the dead, nay better are the
> dead in the sight of God than those idle and worthless souls.
> O MY SERVANT!
> The best of men are they that earn a livelihood by their calling
> and spend upon themselves and upon their kindred for the love
> of God, the Lord of all worlds.
> - Bahá’u’lláh, The Hidden Words, Persian Nos. 80–82
> 
> Having attained the stage of fulfilment and reached his maturity,
> man standeth in need of wealth, and such wealth as he acquireth
> through crafts or professions is commendable and praiseworthy
> in the estimation of men of wisdom, and especially in the eyes
> of servants who dedicate themselves to the education of the
> world and to the edification of its peoples.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.35
> 
> b) Arts and Crafts
> The people of Bahá should not deny any soul the reward due
> to him, should treat craftsmen with deference, and, unlike the
> people aforetime, should not defile their tongues with abuse.
> In this Day the sun of craftsmanship shineth above the horizon
> of the occident and the river of arts is flowing out of the sea of that
> region. One must speak with fairness and appreciate such bounty.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.38–39
> 
> The third Tajalli [effulgence] is concerning arts, crafts and
> sciences. Knowledge is as wings to man’s life, and a ladder for
> his ascent. Its acquisition is incumbent upon everyone. The
> knowledge of such sciences, however, should be acquired as
> 
> Compilation of the Writings of Economics
> 
> can profit the peoples of the earth, and not those which begin
> with words and end with words. Great indeed is the claim of
> scientists and craftsmen on the peoples of the world.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.51–52
> 
> AGRICULTURE AND THE FARMER
> To solve this problem [economics] we must begin with the
> farmer; there will we lay a foundation for system and order
> because the peasant class and the agricultural class exceed other
> classes in the importance of their service.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.39
> 
> The question of economics must commence with the farmer
> and then be extended to the other classes inasmuch as the
> number of farmers is greater than all other classes, many many
> times greater. Therefore, it is fitting that the economic problem
> be first solved with the farmer, for the farmer is the first active
> agent in the body politic. In brief, from among the wise men
> in every village a board should be organized and the affairs of
> that village should be under the control of that board.
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548. (Extract from a
> Tablet to an individual believer, 4 October 1912, translation
> corrected in the World Centre, December 1985)
> 
> Special regard must be paid to agriculture. Although it hath
> been mentioned in the fifth place, unquestionably it precedeth
> the others.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.90
> 
> Of course conditions in the East differ where the Countries are
> rarely industrial and mostly agricultural we should have to apply
> different laws from the West and that is why the principles of
> 
> Economics of the Future Begins Today
> 
> the Movement strike at the root which is common to them
> both. ‘Abdu’l-Bahá has developed in various of His talks,
> which you will find in different compilations, the principles
> upon which the Bahá’í economic system would be based.
> A system that prevents among others the gradual control of
> wealth in the hands of a few and the resulting state of both
> extremes, wealth and poverty.
> - Shoghi Effendi, Lights of Guidance, p.549. (From a letter
> written on behalf of Shoghi Effendi to an individual believer,
> 28 October 1927: Extracts from the Bahá’í Writings on the
> Subject of Agriculture and Related Subjects, A Compilation of
> the Universal House of Justice)
> 
> As to your fourth question, Shoghi Effendi believes that it is
> preferable not to confuse the methods explained by the Master
> with present systems. They may have many resemblances but
> also many points of difference. Moreover these general statements
> we have in the teachings have to be explained and applied by the
> House of Justice before we can really appreciate their significance.
> - Shoghi Effendi, Lights of Guidance, p.549. (From a letter
> written on behalf of Shoghi Effendi to an individual believer,
> 21 October 1932: Extracts from the Bahá’í Writings on the
> Subject of Agriculture and Related Subjects, A Compilation of
> the Universal House of Justice)
> 
> CAPITALIST AND CAPITALISM
> If it be right for a capitalist to possess a large fortune, it is
> equally just that his workman should have a sufficient means
> of existence.
> - ‘Abdu’l-Bahá, Paris Talks, p.153
> 
> … the best course is to seek moderation, which is for the
> wealthy to recognize the advantages of moderation in the
> 
> Compilation of the Writings of Economics
> 
> acquisition of profits and to show regard for the welfare of the
> poor and the needy, that is, to fix a daily wage for the workers
> and also to allot them a share of the total profits of the factory
> - ‘Abdu’l-Bahá, Some Answered Questions, p.318
> 
> There is nothing in the teachings against some kind of capitalism;
> its present form, though, would require adjustments to be made.
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.551. (From a letter written on behalf of the
> Guardian to an individual believer, 19 November 1945: Bahá’í
> News, No. 210, August 1948, p.3)
> 
> WORKMEN AND INDUSTRY
> a) Factory—Labourers and Workmen
> Laws must be made because it is impossible for the labourers
> to be satisfied with the present system. They will strike every
> month and every year. Finally, the capitalists will lose.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.44
> 
> … insofar as the mutual rights of the factory owners and the
> workers are concerned, laws must be enacted that would enable
> the former to make reasonable profits and the latter to be
> provided with their present necessities and their future needs,
> - ‘Abdu’l-Bahá, Some Answered Questions, p.318
> 
> For their part, the workers should not make excessive demands,
> be recalcitrant, ask for more than they deserve, or go on strike.
> They should obey and comply and make no demands for
> exorbitant wages. Rather, the mutual and equitable rights of
> both parties should be officially fixed and established
> - ‘Abdu’l-Bahá, Some Answered Questions, p.318
> 
> Economics of the Future Begins Today
> 
> b) Factory—Shares and Profits
> ... to fix a daily wage for the workers and also to allot them a
> share of the total profits of the factory.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.318
> 
> Also, every factory that has ten thousand shares will give two
> thousand shares of these ten thousand to its employees and
> will write the shares in their names, so that they may have
> them, and the rest will belong to the capitalists. Then at the
> end of the month or year whatever they may earn after the
> expenses and wages are paid, according to the number of
> shares, should be divided among both.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> WAGES
> In brief, insofar as the mutual rights of the factory owners
> and the workers are concerned, laws must be enacted that
> would enable the former to make reasonable profits and the
> latter to be provided with their present necessities and their
> future needs, so that if they become incapacitated, grow old,
> or die and leave behind small children, they or their children
> will not be overcome by dire poverty but will receive a
> modest pension from the revenues of the factory itself.
> - ‘Abdu’l-Bahá, Some Answered Questions, p 318
> 
> For instance, the owners of properties, mines and factories
> should share their incomes with their employees and give a
> fairly certain percentage of their products to their workingmen
> in order that the employees may receive, beside their wages,
> some of the general income of the factory so that the employee
> may strive with his soul in the work.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> Compilation of the Writings of Economics
> 
> The Master has definitely stated that wages should be unequal,
> simply because that men are unequal in their ability and hence
> should receive wages that would correspond to their varying
> capacities and resources.
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.551. (From a letter written on behalf of Shoghi
> Effendi to an individual believer, 26 December 1935)
> 
> This view [refer to previous paragraph] seems to contradict
> the opinion of some modern economists. But the friends should
> have full confidence in the words of the Master, and should
> give preference to His statements over those voiced by our
> so-called modern thinkers.
> - Shoghi Effendi, Lights of Guidance, p.551. (From a letter
> written on behalf of Shoghi Effendi to an individual believer,
> 26 December 1935)
> 
> REPRESENTATIVES OF THE WAGE-EARNING CLASSES
> … in the industrial world, where the representatives of the
> wage-earning classes, either through violence or persuasion, are
> capturing the seats of authority and wielding the sceptre of
> power: in the field of religion, where we have lately witnessed
> widespread and organized attempts to broaden and simplify the
> basis of man’s faith, to achieve unity in Christendom and restore
> the regenerating vigour of Islám; in the heart of society itself,
> where the ominous signs of increasing extravagance and
> profligacy are but lending fresh impetus to the forces of revolt
> and reaction that are growing more distinct every day—in these
> as in many others we have much cause for alarm, but much to
> be hopeful and thankful for also.
> - Shoghi Effendi, Bahá’í Administration, p.146
> 
> Economics of the Future Begins Today
> 
> TRADE UNIONS
> Regarding your question about trade unions: The Guardian
> considers that this is a matter for each National Spiritual Assembly
> to advise the believers on. As long as the trade unions are not
> members of any particular political party, there does not seem
> to be any objection to the Bahá’ís belonging to them.
> - Shoghi Effendi, Lights of Guidance, p.628. (From the Guardian’s
> secretary in a letter written on his behalf dated 2 February 1951)
> 
> RETIREMENT
> As to the question of retirement from work for individuals who
> have reached a certain age, this is a matter on which the
> International House of Justice will have to legislate as there are
> no provisions in the Aqdas concerning it.
> - Shoghi Effendi, Directives of the Guardian, p.83; and Lights of
> Guidance, p.626. (From a letter written on behalf of the Guardian
> to the National Spiritual Assembly of the United States and
> Canada, 22 March 1937: Principles of Bahá’í Administration, p.12)
> 
> Even though you are 79 years old, that does not seem in your
> case to be any handicap; and in this Cause, as the Guardian has
> told us there is work for everyone of some sort, of whatever
> age he or she may be.
> - Shoghi Effendi, Lights of Guidance, p.626, (From a letter written
> on behalf of the Guardian to an individual believer, 23 August
> 1954: cited by the Universal House of Justice, 14 December 1970)
> 
> PENSIONS
> Therefore, laws and regulations should be enacted which would
> grant the workers both a daily wage and a share in a fourth
> 
> Compilation of the Writings of Economics
> 
> or fifth of the profits of the factory in accordance with its
> means, or which would have the workers equitably share in
> some other way in the profits with the owners. For the capital
> and the management come from the latter and the toil and
> labour from the former. The workers could either be granted
> a wage that adequately meets their daily needs, as well as a
> right to a share in the revenues of the factory when they are
> injured, incapacitated, or unable to work, or else a wage
> could be set that allows the workers to both satisfy their daily
> needs and save a little for times of weakness and incapacity.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.317
> 
> STRIKES
> You have asked about strikes. Great difficulties have arisen
> and will continue to arise from this issue. The origin of these
> difficulties is twofold: One is the excessive greed and rapacity
> of the factory owners, and the other is the gratuitous demands,
> the greed, and the intransigence of the workers. One must
> therefore seek to address both.
> Now, the root cause of these difficulties lies in the law of
> nature that governs present-day civilization, for it results in a
> handful of people accumulating vast fortunes that far exceed
> their needs, while the greater number remain naked, destitute,
> and helpless. This is at once contrary to justice, to humanity,
> and to fairness; it is the very height of inequity and runs counter
> to the good-pleasure of the All-Merciful.
> This disparity is confined to the human race: Among other
> creatures, that is, among the animals, a certain kind of justice
> and equality prevails. Thus there is equality within a shepherd’s
> flock, or within a herd of deer in the wilderness, or among the
> 
> Economics of the Future Begins Today
> 
> songbirds that dwell in the mountains, plains, and orchards. The
> animals of every species enjoy a measure of equality and do not
> differ greatly from one another in their means of existence, and
> thus they live in perfect peace and joy.
> It is quite otherwise with the human race, where the greatest
> oppression and injustice are to be found. Thus you can observe,
> on the one hand, a single person who has amassed a fortune,
> made an entire country his personal dominion, acquired immense
> wealth, and secured an unceasing flow of gains and profits, and,
> on the other, a hundred thousand helpless souls—weak,
> powerless, and wanting even a mouthful of bread. There is
> neither equality here nor benevolence. Observe how, as a result,
> general peace and happiness have become so wanting, and the
> welfare of humanity so undermined, that the lives of a vast
> multitude have been rendered fruitless! For all the wealth, power,
> commerce, and industry are concentrated in the hands of a few
> individuals, while all others toil under the burden of endless
> hardships and difficulties, are bereft of advantages and benefits,
> and remain deprived of comfort and peace. One must therefore
> enact such laws and regulations as will moderate the excessive
> fortunes of the few and meet the basic needs of the myriad
> millions of the poor, that a degree of moderation may be achieved.
> However, absolute equality is just as untenable, for complete
> equality in wealth, power, commerce, agriculture, and industry
> would result in chaos and disorder, disrupt livelihoods, provoke
> universal discontent, and undermine the orderly conduct of the
> affairs of the community. For unjustified equality is also fraught
> with peril. It is preferable, then, that some measure of moderation
> be achieved, and by moderation is meant the enactment of such
> laws and regulations as would prevent the unwarranted
> concentration of wealth in the hands of the few and satisfy the
> 
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> 
> essential needs of the many. For instance, the factory owners
> reap a fortune every day, but the wage the poor workers are
> paid cannot even meet their daily needs: This is most unfair, and
> assuredly no just man can accept it. Therefore, laws and
> regulations should be enacted which would grant the workers
> both a daily wage and a share in a fourth or fifth of the profits
> of the factory in accordance with its means, or which would
> have the workers equitably share in some other way in the
> profits with the owners. For the capital and the management
> come from the latter and the toil and labour from the former.
> The workers could either be granted a wage that adequately
> meets their daily needs, as well as a right to a share in the
> revenues of the factory when they are injured, incapacitated, or
> unable to work, or else a wage could be set that allows the
> workers to both satisfy their daily needs and save a little for
> times of weakness and incapacity.
> If matters were so arranged, neither would the factory owners
> amass each day a fortune which is absolutely of no use to
> them—for should one’s fortune increase beyond measure, one
> would come under a most heavy burden, become subject to
> exceeding hardships and troubles, and find the administration of
> such an excessive fortune to be most difficult and to exhaust
> one’s natural powers—nor would the workers endure such toil
> and hardship as to become incapacitated and to fall victim, at
> the end of their lives, to the direst need.
> It is therefore clearly established that the appropriation of
> excessive wealth by a few individuals, notwithstanding the needs
> of the masses, is unfair and unjust, and that, conversely, absolute
> equality would also disrupt the existence, welfare, comfort, peace,
> and orderly life of the human race. Such being the case, the best
> course is therefore to seek moderation, which is for the wealthy
> 
> Economics of the Future Begins Today
> 
> to recognize the advantages of moderation in the acquisition of
> profits and to show regard for the welfare of the poor and the
> needy, that is, to fix a daily wage for the workers and also to
> allot them a share of the total profits of the factory.
> In brief, insofar as the mutual rights of the factory owners
> and the workers are concerned, laws must be enacted that
> would enable the former to make reasonable profits and the
> latter to be provided with their present necessities and their
> future needs, so that if they become incapacitated, grow old, or
> die and leave behind small children, they or their children will
> not be overcome by dire poverty but will receive a modest
> pension from the revenues of the factory itself.
> For their part, the workers should not make excessive
> demands, be recalcitrant, ask for more than they deserve, or go
> on strike. They should obey and comply and make no demands
> for exorbitant wages. Rather, the mutual and equitable rights of
> both parties should be officially fixed and established according
> to the laws of justice and compassion, and any party that violates
> them should be condemned after a fair hearing and be subject
> to a definitive verdict enforced by the executive branch, so that
> all affairs may be appropriately ordered and all problems
> adequately resolved.
> The intervention of the government and the courts in the
> problems arising between owners and workers is fully warranted,
> since these are not such particular matters as are ordinary
> transactions between two individuals, which do not concern the
> public and in which the government should have no right to
> interfere. For problems between owners and workers, though
> they may appear to be a private matter, are detrimental to the
> common good, since the commercial, industrial, and agricultural
> affairs, and even the general business of the nation, are all
> 
> Compilation of the Writings of Economics
> 
> intimately linked together: An impairment to one is a loss to all.
> And since the problems between owners and workers are
> detrimental to the common good, the government and the courts
> have therefore the right to intervene.
> Even in the case of differences that arise between two
> individuals with regard to particular rights, a third party, namely
> the government, is needed to resolve the dispute. How, then,
> can the problem of strikes, which entirely disrupt the country—
> whether they arise from the inordinate demands of the workers
> or the excessive greed of the factory owners—remain neglected?
> Gracious God! How can one see one’s fellow men hungry,
> destitute, and deprived, and yet live in peace and comfort in
> one’s splendid mansion? How can one see others in the greatest
> need and yet take delight in one’s fortune? That is why it has
> been decreed in the divine religions that the wealthy should offer
> up each year a portion of their wealth for the sustenance of the
> poor and the assistance of the needy. This is one of the
> foundations of the religion of God and is an injunction binding
> upon all. And since in this regard one is not outwardly compelled
> or obliged by the government, but rather aids the poor at the
> prompting of one’s own heart and in a spirit of joy and radiance,
> such a deed is most commendable, approved, and pleasing.
> This is the meaning of the righteous deeds mentioned in the
> heavenly Books and Scriptures.
> - ‘Abdu’l-Bahá, Some Answered Questions, p.315-320
> 
> Today the method of demand is the strike and resort to force, which
> is manifestly wrong and destructive of human foundations. Rightful
> privilege and demand must be set forth in laws and regulations.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.238,
> Boston, Massachusetts, 23 July 1912
> 
> Economics of the Future Begins Today
> 
> SOCIALIZATION
> The question of socialization is very important. It will not be
> solved by strikes for wages.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> UNEMPLOYMENT
> That inter-governmental debts have imposed a severe strain
> on the masses of the people in Europe, have upset the
> equilibrium of national budgets, have crippled national
> industries, and led to an increase in the number of the
> unemployed, is no less apparent to an unprejudiced
> observer.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.35
> 
> INDUSTRIAL SLAVERY
> Between 1860 and 1865 you did a wonderful thing; you
> abolished chattel slavery; but today you must do a much more
> wonderful thing: you must destroy ‘industrial slavery’ …
> - ‘Abdu’l-Bahá, Star of the West, Vol. VII, No. 15, p.147,
> Quoted by J. E. Esselmont in Bahá’u’lláh and the New Era,
> Industrial Slavery section, p.137
> 
> SCIENCE AND TECHNOLOGY
> Science cannot create amity and fellowship in human hearts.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.171,
> New York, 8 June 1912
> 
> The development and progress of a nation is according to the
> measure and degree of that nation’s scientific attainments.
> 
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> 
> Through this means its greatness is continually increased, and
> day by day the welfare and prosperity of its people are assured.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.49,
> Washington, D.C., 23 April 1912
> 
> A scientific man is a true index and representative of humanity,
> for through processes of inductive reasoning and research he
> is informed of all that appertains to humanity, its status,
> conditions and happenings. He studies the human body politic,
> understands social problems and weaves the web and texture
> of civilization. In fact, science may be likened to a mirror
> wherein the infinite forms and images of existing things are
> revealed and reflected. It is the very foundation of all individual
> and national development. Without this basis of investigation,
> development is impossible.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.50,
> Washington, D.C., 23 April 1912
> 
> USE OF TECHNICAL KNOWLEDGE
> According to some accounts, mankind has been directed to
> borrow various good qualities and ways from wild animals,
> and to learn a lesson from these. Since it is permissible to
> imitate virtues of dumb animals, it is certainly far more so to
> borrow material sciences and techniques from foreign peoples,
> who at least belong to the human race and are distinguished
> by judgement and the power of speech. And if it be contended
> that such praiseworthy qualities are inborn in animals, by what
> proof can they claim that these essential principles of civilization,
> this knowledge and these sciences current among other peoples,
> are not inborn?
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.30
> 
> Economics of the Future Begins Today
> 
> It has now been clearly and irrefutably shown that the
> importation from foreign countries of the principles and
> procedures of civilization, and the acquisition from them of
> sciences and techniques—in brief, of whatsoever will contribute
> to the general good—is entirely permissible.
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.31–32
> 
> Can we maintain that it is contrary to the fundamentals of the
> Faith to encourage the acquisition of useful arts and of general
> knowledge, to inform oneself as to the truths of such physical
> sciences as are beneficial to man, and to widen the scope of
> industry and increase the products of commerce and multiply
> the nation’s avenues of wealth? Would it conflict with the
> worship of God to establish law and order in the cities and
> organize the rural districts, to repair the roads and build
> railroads and facilitate transportation and travel and thus
> increase the people’s well-being? Would it be inconsistent
> with the Divine commands and prohibitions if we were to
> work the abandoned mines which are the greatest source of
> the nation’s wealth, and to build factories, from which come
> the entire people’s comfort, security and affluence? Or to
> stimulate the creation of new industries and to promote
> improvements in our domestic products?
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.101–102
> 
> One should regard the other technological advances, sciences,
> arts and political formulae of proven usefulness in the same
> light—i.e., those procedures which, down the ages, have time
> and again been put to the test and whose many uses and
> advantages have demonstrably resulted in the glory and greatness
> of the state, and the well-being and progress of the people.
> Should all these be abandoned, for no valid reason, and other
> 
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> 
> methods of reform be attempted, by the time such reforms
> might eventuate, and their advantages might be put to proof,
> many years would go by, and many lives.
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.113–114
> 
> WASTAGE ON WARS
> Peace is the pretext, and night and day they are all straining
> every nerve to pile up more weapons of war, and to pay for this
> their wretched people must sacrifice most of whatever they are
> able to earn by their sweat and toil. How many thousands have
> given up their work in useful industries and are labouring day
> and night to produce new and deadlier weapons which would
> spill out the blood of the race more copiously than before.
> Each day they invent a new bomb or explosive and then the
> governments must abandon their obsolete arms and begin
> producing the new, since the old weapons cannot hold their
> own against the new.
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.61–62
> 
> Observe that if such a happy situation be forthcoming, no
> government would need continually to pile up the weapons of
> war, nor feel itself obliged to produce ever new military weapons
> with which to conquer the human race. A small force for the
> purposes of internal security, the correction of criminal and
> disorderly elements and the prevention of local disturbances,
> would be required—no more. In this way the entire population
> would, first of all, be relieved of the crushing burden of
> expenditure currently imposed for military purposes, and
> secondly, great numbers of people would cease to devote their
> time to the continual devising of new weapons of destruction ….
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.65–66
> 
> Economics of the Future Begins Today
> 
> It is incumbent upon the ministers of the House of Justice to
> promote the Lesser Peace so that the people of the earth
> may be relieved from the burden of exorbitant expenditures.
> This matter is imperative and absolutely essential, inasmuch
> as hostilities and conflict lie at the root of affliction and
> calamity.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.89
> 
> … fathers, mothers, children in grief and lamentation, the
> foundations of life overturned, cities laid waste and fertile lands
> made desolate by the ravages of war. These conditions are the
> outcome of hostility and hatred between nations and peoples of
> religion who imitate and adhere to the forms and violate the
> spirit and reality of the divine teachings.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.439,
> New York, 17 November 1912
> 
> If two nations were at war in olden times, ten or twenty thousand
> would be sacrificed, but in this century the destruction of one
> hundred thousand lives in a day is quite possible. So perfected
> has the science of killing become and so efficient the means and
> instruments of its accomplishment that a whole nation can be
> obliterated in a short time.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace,
> p.123-124, New York, 13 May 1912
> 
> … the vast and ever-swelling army of the unemployed with its
> crushing burden and demoralizing influence on governments
> and peoples; the wicked, unbridled race of armaments
> swallowing an ever-increasing share of the substance of already
> impoverished nations; ….
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.32
> 
> Compilation of the Writings of Economics
> 
> That the spirit of vindictiveness, of suspicion, of fear and
> rivalry, engendered by the war, and which the provisions of
> the Peace Treaties have served to perpetuate and foster, has
> led to an enormous increase of national competitive armaments,
> involving during the last year the aggregate expenditure of no
> less than a thousand million pounds, which in turn has
> accentuated the effects of the world-wide depression, is a
> truth that even the most superficial observer will readily admit.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p 35
> 
> The enormous energy dissipated and wasted on war, whether
> economic or political, will be consecrated to such ends as will
> extend the range of human inventions and technical
> development, to the increase of the productivity of mankind,
> to the extermination of disease, to the extension of scientific
> research, to the raising of the standard of physical health, to
> the sharpening and refinement of the human brain, to the
> exploitation of the unused and unsuspected resources of the
> planet, to the prolongation of human life, and to the furtherance
> of any other agency that can stimulate the intellectual, the
> moral, and spiritual life of the entire human race.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.204
> 
> STOREHOUSES AND TAXATION
> a) Village Storehouses
> The solution begins with the village, and when the village is
> reconstructed, then the cities will be also. The idea is this,
> that in each village will be erected a storehouse. In the
> language of Religion it is called the House of Finance. That
> is a universal storehouse, which is commenced in the village.
> 
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> 
> Its administration is through a committee of the wise ones of
> the community, and with the approval of that committee all
> the affairs are directed.
> - ‘Abdu’l-Bahá, Quoted by George Orr Latimer in Light of the
> World, 1920, p.47; and The Bahá’í World, Vol. IV, p.450
> 
> In brief, from among the wise men in every village a board
> should be organized and the affairs of that village should be
> under the control of that board.
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548. (Extract from a
> Tablet to an individual believer, 4 October 1912, translation
> corrected in the World Centre, December 1985)
> 
> Likewise a general storehouse should be founded with the
> appointment of a secretary. At the time of the harvest, with the
> approval of the members of that board, a determined percentage
> of the entire harvest should be appropriated for the storehouse.
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548. (Extract from a
> Tablet to an individual believer, 4 October 1912, translation
> corrected in the World Centre, December 1985)
> 
> The board of the house of finance (storehouse) will direct in every
> village the revenues of the house such as tithes, tax on animals,
> etc. In every village a storehouse and an officer-in-charge are to
> be provided while the notables of the village gather and form a
> board and to this board and officer the direction of the affairs
> of the village are entrusted. They take charge of all the questions
> pertaining to the village and the revenues of the storehouse such
> as tithes, tax on animals and other revenues are gathered in it
> and are given out for necessary expenditures.
> - ‘Abdu’l-Bahá, Extract from a Tablet of ‘Abdu’l-Bahá dated 25
> July 1919, to an individual believer, sent by the Universal
> House of Justice to the compiler.
> 
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> 
> b) City Storehouses
> For larger cities, naturally, there will be a system on a larger
> scale. Were I to go into that solution the details thereof would
> be very lengthy.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.41
> 
> c) Storehouse Revenues
> The storehouse is to have seven revenues: Tithes, taxes on
> animals, wealth without inheritors, all things found whose owners
> cannot be discovered, a third of all treasures (money) found in
> the earth, a third of the mines, and voluntary contributions.
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548. (Extract from a Tablet
> to an individual believer, dated 4 October, 1912, translation
> corrected in the World Centre, December 1985)
> 
> As to the revenues of the storehouse, the House of justice must
> strive by every means possible to increase that amount, i.e. by
> every just means.
> - ‘Abdu’l-Bahá, Extract from a Tablet of ‘Abdu’l-Bahá dated
> 25 July 1919, to an individual believer, sent by the Universal
> House of Justice to the compiler.
> 
> First, whatever contributions are necessary, they obtain from the
> bank at interest. For instance, they borrow from the bank at three
> per cent and loan to the public at four per cent. Any farmer who
> is in need of implements, they supply and give him all his necessities.
> When the crop is harvested, it will be the first income (of the
> store-house). The first revenue is this. But this revenue is not
> equally distributed. For instance, a person may have a crop of
> one thousand kilos and this is only sufficient for his wants and
> living. From him nothing will be taken because he needs it all. If
> something is taken from him, he will remain hungry. But again,
> 
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> 
> there may be one whose needs require one thousand kilos and
> his income is two thousand kilos. From him one-tenth is taken.
> Again, one needs two thousand kilos, but his income is ten
> thousand kilos. From him two-tenths will be taken. He needs
> two thousand kilos. If two thousand are taken from him he still
> has six thousand remaining. One has fifty thousand kilos, from him
> one-third is taken. One may have ten thousand kilos expenses,
> but has one hundred thousand kilos income. One-half is taken.
> The greater the income, the greater is the ratio (of taxation).
> Second: It is also the same with the cattle. They take
> proportionately the revenue from the cattle. For example, if a
> man has two cows necessary for his wants, nothing is taken
> from him. The more he has, the more is taken from him. This
> is the second revenue.
> The third revenue of the store-house comes from one who dies
> without heirs.
> The fourth revenue comes from mines. If a mine is found upon
> the land of a person, one-third of it belongs to him and the
> remainder to the store-house.
> The fifth revenue is hidden treasure. If a person finds a hidden
> treasure (in the earth) he takes half of it, and the other half goes
> to the store-house.
> The sixth revenue. If it (treasure) is found on the way, also half
> of it belongs to the store-house.
> The seventh revenue is voluntary contributions. Of their own
> free will and with the utmost willingness, the people will give.
> - ‘Abdu’l-Bahá, Quoted by George Orr Latimer in Light of the
> World, 1920, p.47–48; and The Bahá’í World, Vol. IV, p.450
> 
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> 
> d) Storehouse Expenditures
> On the other hand, there are seven expenditures:
> 1. General running expenses of the institution—salaries etc.,
> and the administration of public safety, including the
> department of hygiene.
> 2. Tithes to the general government (State).
> 3. Taxes on animals for the State.
> 4. Support of an orphanage.
> 5. Support of cripples and the incurable.
> 6. Support of educational institutions.
> 7. Supplying any deficiency for the expenses of the poor.
> 
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548–549. (Extract from a
> Tablet to an individual believer, dated 4 October 1912,
> translation corrected in the World Centre, December 1985)
> 
> These are the seven revenues, but there are seven fixed
> expenditures.
> The first expenditure: The store-house ought to give one-
> tenth to the Government, to the public treasury for the public
> expenses.
> The second expenditure is for the poor. The poor who are in
> need, those who are exempt, not those who are idle. For
> instance, if a person’s crop is burned or he has a loss in his
> business, and for this reason has become poor; these poor
> people are to be taken care of.
> Third: The infirm, who come to want and cannot work.
> 
> Economics of the Future Begins Today
> 
> Fourth: The orphans. To them also help must be given.
> Fifth: The schools. The schools must be organized for the
> education of the children.
> Sixth: For the deaf and blind.
> Seventh: Public health. Whatever is necessary for the public
> health must be arranged. Swamps should be filled up, water
> should be brought in; whatever is necessary for the public
> health.
> - ‘Abdu’l-Bahá, Quoted by George Orr Latimer in Light of the
> World, 1920, p.48–49; and The Bahá’í World, Vol. IV, p.450-451
> 
> e) The National Treasury
> If there is something left over (after these expenditures) it should
> be given to the Great House of Justice. And thus there will be
> no want in the village. The people will not remain hungry, they
> will not remain naked. All will be in the utmost welfare and
> comfort.
> - ‘Abdu’l-Bahá, Quoted by George Orr Latimer in Light of the
> World, 1920, p.49
> 
> The farmers will be taken care of and if after all these expenses
> are defrayed any surplus is found in the storehouse it must be
> transferred to the national treasury.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.40
> 
> If anything is left in the storehouse, that must be transferred
> to the general treasury of the nation for general national
> expenses.
> - ‘Abdu’l-Bahá, Letter to an individual dated 4 October 1912,
> sent by the Universal House of Justice to the compiler
> 
> Compilation of the Writings of Economics
> 
> f) Trustees
> Certain trustees will be elected by the people in a given village
> to look after these transactions.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.40
> 
> g) Trusts
> No more trusts will remain in the future. The question of the
> trusts will be wiped away entirely.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> h) Taxation
> O kings of the earth! We see you increasing every year your
> expenditures, and laying the burden thereof on your subjects.
> This, verily, is wholly and grossly unjust. Fear the sighs and
> tears of this wronged One, and lay not excessive burdens on
> your peoples. Do not rob them to rear palaces for yourselves;
> nay rather choose for them that which ye choose for yourselves.
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh,
> p.253; and The Proclamation of Bahá’u’lláh, p.12
> 
> As to the first [revenue], the tenths or tithes: we will consider
> a farmer, one of the peasants. We will look into his income.
> We will find out, for instance, what is his annual revenue and
> also what are his expenditures. Now, if his income be equal
> to his expenditures, from such a farmer nothing whatever will
> be taken. That is, he will not be subjected to taxation of any
> sort, needing as he does all his income. Another farmer may
> have expenses running up to one thousand dollars we will
> say, and his income is two thousand dollars. From such an
> one a tenth will be required, because he has a surplus. But
> if his income be ten thousand dollars and his expenses one
> 
> Economics of the Future Begins Today
> 
> thousand dollars or his income twenty thousand dollars, he
> will have to pay as taxes, one-fourth. If his income be one
> hundred thousand dollars and his expenses five thousand,
> one-third will he have to pay because he has still a surplus
> since his expenses are five thousand and his income one
> hundred thousand. If he pays, say, thirty-five thousand dollars,
> in addition to the expenditure of five thousand he still has
> sixty thousand left. But if his expenses be ten thousand and
> his income two hundred thousand then he must give an even
> half because ninety thousand will be in that case the sum
> remaining. Such a scale as this will determine allotment of
> taxes. All the income from such revenues will go to this
> general storehouse.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.40
> 
> Each person in the community whose need is equal to his
> individual producing capacity shall be exempt from taxation.
> But if his income is greater than his needs, he must pay a tax
> until an adjustment is effected. That is to say, a man’s capacity
> for production and his needs will be equalized and reconciled
> through taxation. If his production exceeds, he will pay a tax;
> if his necessities exceed his production, he shall receive an
> amount sufficient to equalize or adjust. Therefore, taxation will
> be proportionate to capacity and production, and there will be
> no poor in the community.
> Bahá’u’lláh, likewise, commanded the rich to give freely to
> the poor. In the Kitáb-i-Aqdas it is further written by Him that
> those who have a certain amount of income must give one-fifth
> of it to God, the Creator of heaven and earth.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.217,
> New York, 1 July 1912
> 
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> 
> Rate of Interest
> Many people stand in need of this. Because if there were no
> prospect for gaining interest, the affairs of men would suffer
> collapse or dislocation. One can seldom find a person who
> would manifest such consideration towards his fellow-man, his
> countryman or towards his own brother and would show such
> tender solicitude for him as to be well-disposed to grant him
> a loan on benevolent terms. [Such loans as bear no interest
> and are repayable whenever the borrower pleases].Therefore
> as a token of favour towards men We have prescribed that
> interest on money should be treated like other business
> transactions that are current amongst men. Thus, … it is lawful
> and proper to charge interest on money, that the people of the
> world may, in a spirit of amity and fellowship and with joy and
> gladness, devotedly engage themselves in magnifying the Name
> of Him Who is the Well-Beloved of all mankind. … He hath
> now made interest on money lawful, even as He had made it
> unlawful in the past. ….
> … However, this is a matter that should be practised with
> moderation and fairness. …
> Nevertheless the conduct of these affairs hath been
> entrusted to the men of the House of Justice that they may
> enforce them according to the exigencies of the time and the
> dictates of wisdom.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.133–134
> 
> WEALTH
> Wealth is praiseworthy in the highest degree, if it is acquired
> by an individual’s own efforts and the grace of God, in
> commerce, agriculture, art and industry, and if it be expended
> 
> Economics of the Future Begins Today
> 
> for philanthropic purposes. Above all, if a judicious and
> resourceful individual should initiate measures which would
> universally enrich the masses of the people, there could be
> no undertaking greater than this, and it would rank in the
> sight of God as the supreme achievement, for such a
> benefactor would supply the needs and insure the comfort
> and well-being of a great multitude. Wealth is most
> commendable, provided the entire population is wealthy. If,
> however, a few have inordinate riches while the rest are
> impoverished, and no fruit or benefit accrues from that wealth,
> then it is only a liability to its possessor. If, on the other
> hand, it is expended for the promotion of knowledge, the
> founding of elementary and other schools, the encouragement
> of art and industry, the training of orphans and the poor—in
> brief, if it is dedicated to the welfare of society—its possessor
> will stand out before God and man as the most excellent of
> all who live on earth and will be accounted as one of the
> people of paradise.
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.24–25
> 
> a) The Distribution of Wealth
> That the financial obligations contracted in the course of
> the war, as well as the imposition of a staggering burden
> of reparations upon the vanquished, have, to a very great
> extent, been responsible for the mal-distribution and
> consequent shortage of the world’s monetary gold supply,
> which in turn has, to a very great measure, accentuated
> the phenomenal fall in prices and thereby relentlessly
> increased the burdens of impoverished countries, no
> impartial mind would question.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.35
> 
> Compilation of the Writings of Economics
> 
> b) The Limitation of Wealth
> Hearts must be so cemented together, love must become so
> dominant that the rich shall most willingly extend assistance
> to the poor and take steps to establish these economic
> adjustments permanently. If it is accomplished in this way, it
> will be most praiseworthy because then it will be for the
> sake of God and in the pathway of His service.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.239,
> Boston, 23 July 1912
> 
> There must be special laws made, dealing with these
> extremes of riches and of want. The members of the
> Government should consider the laws of God when they are
> framing plans for the ruling of the people. The general rights
> of mankind must be guarded and preserved.
> - ‘Abdu’l-Bahá, Paris Talks, p.153–154
> 
> The rich too must be merciful to the poor, contributing from
> willing hearts to their needs without being forced or
> compelled to do so.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.107,
> Pittsburgh, 7 May 1912
> 
> The greatest means for prevention is that whereby the
> laws of the community will be so framed and enacted that
> it will not be possible for a few to be millionaires and many
> destitute. One of Bahá’u’lláh’s teachings is the adjustment
> of means of livelihood in human society. Under this
> adjustment there can be no extremes in human conditions
> as regards wealth and sustenance.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.216,
> New York, 1 July 1912
> 
> Economics of the Future Begins Today
> 
> Social inequality is the inevitable outcome of the natural
> inequality of man. Human beings are different in ability and
> should, therefore, be different in their social and economic
> standing. Extremes of wealth and poverty should, however,
> be abolished ….
> - Shoghi Effendi, Directives of the Guardian, p.20; and Lights
> of Guidance, p.550. (From a letter written on behalf of Shoghi
> Effendi to an individual believer, 26 January 1935)
> 
> MODERATION
> In all matters moderation is desirable. If a thing is carried to
> excess, it will prove a source of evil. Consider the civilization of
> the West, how it hath agitated and alarmed the peoples of the
> world. An infernal engine hath been devised, and hath proved
> so cruel a weapon of destruction that its like none hath ever
> witnessed or heard.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.69
> 
> Fear ye God, and take heed not to outstrip the bounds of
> moderation, and be numbered among the extravagant.
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh, p.251
> 
> WELFARE
> Regarding reciprocity and cooperation: each member of the
> body politic should live in the utmost comfort and welfare
> because each individual member of humanity is a member of
> the body politic and if one member of the members be in
> distress or be afflicted with some disease all the other members
> must necessarily suffer.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.38
> 
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> 
> The good pleasure of God consists in the welfare of all the
> individual members of mankind.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.41
> 
> Bahá’u’lláh set forth principles of guidance and teaching for
> economic readjustment. Regulations were revealed by Him
> which ensure the welfare of the commonwealth.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.181,
> Philadelphia, 9 June 1912
> 
> Human brotherhood and dependence exist because mutual
> helpfulness and cooperation are the two necessary principles
> underlying human welfare.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.150,
> New York, 28 May 1912
> 
> THE POOR AND NEEDY
> Thou must show forth that which will ensure the peace and the
> well-being of the miserable and the downtrodden.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.84
> 
> Know ye that the poor are the trust of God in your midst.
> Watch that ye betray not His trust, that ye deal not unjustly
> with them and that ye walk not in the ways of the
> treacherous. Ye will most certainly be called upon to answer
> for His trust on the day when the Balance of Justice shall
> be set, the day when unto every one shall be rendered his
> due, when the doings of all men, be they rich or poor, shall
> be weighed.
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh,
> p.251; and The Proclamation of Bahá’u’lláh, p.9
> 
> Economics of the Future Begins Today
> 
> All have been enjoined to earn a living, and as for those who
> are incapable of doing so, it is incumbent on the Deputies of
> God and on the wealthy to make adequate provision for them.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 147, p.72
> 
> O SON OF MAN!
> Should prosperity befall thee, rejoice not, and should
> abasement come upon thee, grieve not, for both shall pass
> away and be no more.
> O SON OF BEING!
> If poverty overtake thee, be not sad; for in time the Lord of
> wealth shall visit thee. Fear not abasement, for glory shall one
> day rest on thee.
> O SON OF MAN!
> Bestow My wealth upon My poor, that in heaven thou mayest
> draw from stores of unfading splendour and treasures of
> imperishable glory. But by My life! To offer up thy soul is a
> more glorious thing couldst thou but see with Mine eye.
> - Bahá’u’lláh, The Hidden Words, Arabic Nos. 52, 53 and 57
> 
> O CHILDREN OF DUST!
> Tell the rich of the midnight sighing of the poor, lest heedlessness
> lead them into the path of destruction, and deprive them of the
> Tree of Wealth. To give and to be generous are attributes of
> Mine; well is it with him that adorneth himself with My virtues.
> O SON OF MY HANDMAID!
> Be not troubled in poverty nor confident in riches, for poverty is
> followed by riches, and riches are followed by poverty. Yet to be
> poor in all save God is a wondrous gift, belittle not the value
> thereof, for in the end it will make thee rich in God, and thus thou
> 
> Compilation of the Writings of Economics
> 
> shalt know the meaning of the utterance, “In truth ye are the poor,”
> and the holy words, “God is the all-possessing,” shall even as the
> true morn break forth gloriously resplendent upon the horizon of
> the lover’s heart, and abide secure on the throne of wealth.
> O YE RICH ONES ON EARTH!
> The poor in your midst are My trust; guard ye My trust, and be
> not intent only on your own ease.
> - Bahá’u’lláh, The Hidden Words, Persian Nos. 49, 51 and 54
> 
> O people of wealth and riches! If you see a poor man suffering
> from any calamity, do not run away from him but sit with him
> and ask him about the things heaped upon him from the seas
> of determination and predestination.
> - ‘Abdu’l-Bahá, The Bahá’í World, Vol. IV, p.453
> 
> Then the orphans will be looked after, all of whose expenses will
> be taken care of. The cripples in the village—all their expenses will
> be looked after. The poor in the village—their necessary expenses
> will be defrayed. And other members who for valid reasons are
> incapacitated—the blind, the old, the deaf—their comfort must be
> looked after. In the village no one will remain in need or in want.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.40
> 
> The rich will enjoy the privilege of this new economic condition
> as well as the poor, for owing to certain provisions and
> restrictions they will not be able to accumulate so much as to
> be burdened by its management, while the poor will be relieved
> from the stress of want and misery. The rich will enjoy his
> palace, and the poor will have his comfortable cottage.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132,
> New Jersey, 19 May 1912
> 
> Economics of the Future Begins Today
> 
> What could be better before God than thinking of the poor?
> For the poor are beloved by our heavenly Father. When
> Christ came upon the earth, those who believed in Him and
> followed Him were the poor and lowly, showing that the
> poor were near to God.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.216,
> New York, 1 July 1912
> 
> They who are possessed of riches, however, must have the
> utmost regard for the poor, for great is the honour destined by
> God for those poor who are steadfast in patience. By My life!
> There is no honour, except what God may please to bestow,
> that can compare to this honour. Great is the blessedness
> awaiting the poor that endure patiently and conceal their
> sufferings, and well is it with the rich who bestow their riches
> on the needy and prefer them before themselves.
> Please God, the poor may exert themselves and strive to
> earn the means of livelihood. This is a duty which, in this most
> great Revelation, hath been prescribed unto every one, and is
> accounted in the sight of God as a goodly deed. Whoso
> observeth this duty, the help of the invisible One shall most
> certainly aid him. He can enrich, through His grace, whomsoever
> He pleaseth. He, verily, hath power over all things ….
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh,
> p.202-203
> 
> Regarding your question concerning helping the poor: The Bahá’ís
> should not go so far as to refrain from extending charity to the
> needy, if they are able and willing to do so. However, in this,
> as in many other things, they should exert moderation. The
> greatest gift that we can give to the poor and the down-trodden
> is to aid to build up the divine institutions inaugurated in this day
> 
> Compilation of the Writings of Economics
> 
> by Bahá’u’lláh as these institutions, and this World Order when
> established, will eliminate the causes of poverty and the injustices
> which afflict the poor. We should, therefore, do both, support
> our Bahá’í Fund, and also be kind and generous to the needy.
> - Shoghi Effendi, Lights of Guidance, p.124–125. (From a letter
> written on his behalf to an individual believer, 11 March 1942)
> 
> CHARITY AND ENDOWMENT
> This Bahá’í teaching of human fellowship and kindness implies
> that we must be always ready to extend every assistance and help
> we can to those who are in distress and suffering. Bahá’í charity
> is of the very essence of the Teachings, and should therefore be
> developed in every Bahá’í community. Charitable institutions such
> as orphanages, free schools and hospitals for the poor, constitute
> an indispensable part of the Mashriqu’l-Adhkár. It is the
> responsibility of every local Bahá’í community to insure the welfare
> of its poor and needy members, through whatever means possible.
> But, of course, this extension of assistance to the poor, in
> whatever form, should under no circumstances be allowed to
> seriously interfere with the major collective interests of the Bahá’í
> Community, as distinguished from the purely personal interests
> of its members. The demands of the Cause transcend those of
> the individual, and should therefore be given precedence. But
> these two phases of Bahá’í social life, though not of equal
> importance, are by no means contradictory. Both of them are
> essential, and should be fostered, but each according to its own
> degree of importance. It is the responsibility of Bahá’í Assemblies
> to decide when individual interests should be subordinated to
> those affecting the collective welfare of the community. But, as
> already stated, the interest of the individual should always be
> 
> Economics of the Future Begins Today
> 
> safeguarded within certain limits, and provided they do not
> seriously affect the welfare of the group as a whole.
> - Shoghi Effendi, Lights of Guidance, p.120–121. (From a letter
> written on his behalf to an individual believer, 26 June 1936
> 
> Charity is pleasing and praiseworthy in the sight of God and is
> regarded as a prince among goodly deeds. Consider ye and call
> to mind that which the All-Merciful hath revealed in the Qur’án:
> ‘They prefer them before themselves, though poverty be their
> own lot. And with such as are preserved from their own
> covetousness shall it be well.’’ Viewed in this light, the blessed
> utterance above is, in truth, the day-star of utterances. Blessed is
> he who preferreth his brother before himself. Verily, such a man
> is reckoned, by virtue of the Will of God, the All-Knowing, the
> All-Wise, with the people of Bahá who dwell in the Crimson Ark.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.71
> 
> It is not necessary to undertake special journeys to visit the
> resting-places of the dead. If people of substance and affluence
> offer the cost of such journeys to the House of Justice, it will
> be pleasing and acceptable in the presence of God. Happy are
> they that observe His precepts.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.27–28
> 
> Everyone, whether man or woman, should hand over to a trusted
> person a portion of what he or she earneth through trade,
> agriculture or other occupation, for the training and education of
> children, to be spent for this purpose with the knowledge of the
> Trustees of the House of Justice.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.90
> 
> As it is a blessed day [Naw-Rúz] it should not be neglected or
> 
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> 
> left without results by making it a day limited to the fruits of mere
> pleasure. During such blessed days institutions should be founded
> that may be of permanent benefit and value to the people so that
> in their conversations and in history it may become widely known
> that such a good work was inaugurated on such a feast day.
> Therefore, the intelligent must look searchingly into conditions to
> find out what important affair, what philanthropic institutions are
> most needed, and what foundations should be laid for the
> community on that particular day, so that they may be established.
> … If the community be in need of spreading sciences and widening
> the circle of knowledge, on that day they should proceed in that
> direction, that is to say, direct the thoughts of all the people to that
> philanthropic cause. If, however, the community is in need of
> widening the circle of commerce or industry or agriculture, they
> should inaugurate the means of attaining the desired aim. If the
> community needs protection, proper support and care of orphans,
> they should act upon the welfare of the orphans, and so forth.
> Such undertakings as are beneficial to the poor, the weak and the
> helpless should be pursued in order that, on that day, through the
> unity of all and through great meetings, results may be obtained,
> the glory and blessings of that day may be declared and manifest.
> - ‘Abdu’l-Bahá, A Blessed Day, A talk published by Dr. Baher
> Forghani in Days to Remember, p.26; part in Lights of Guidance,
> p.303–304; Star of the West, Vol. IX, No. 1, p.8–9; and cited in a
> compilation, prepared by the Office of Social and Economic
> Development, entitled Social and Economic Development.
> 
> TITHES
> Bahá’u’lláh states that the Bahá’í law of Zakát [Tithes] follows
> “what hath been revealed in the Qur’án” (Q and A 107).
> - Bahá’u’lláh, The Kitáb-i-Aqdas, Questions and Answers
> section, No. 107, p.140
> 
> Economics of the Future Begins Today
> 
> Since such issues as the limits for exemption, the categories of
> income concerned, the frequency of payments, and the scale
> of rates for the various categories of Zakát are not mentioned
> in the Qur’án, these matters will have to be set forth in the
> future by the Universal House of Justice. Shoghi Effendi has
> indicated that pending such legislation the believers should,
> according to their means and possibilities, make regular
> contributions to the Bahá’í Fund.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, Notes No. 161, p.235
> 
> VOLUNTARY SHARING—GREATER THAN EQUALITY
> To state the matter briefly, the Teachings of Bahá’u’lláh
> advocate voluntary sharing, and this is a greater thing than the
> equalization of wealth. For equalization must be imposed from
> without, while sharing is a matter of free choice.
> Man reacheth perfection through good deeds, voluntarily
> performed, not through good deeds the doing of which was
> forced upon him. And sharing is a personally chosen righteous
> act: that is, the rich should extend assistance to the poor, they
> should expend their substance for the poor, but of their own
> free will, and not because the poor have gained this end by
> force. For the harvest of force is turmoil and the ruin of the
> social order. On the other hand voluntary sharing, the freely-
> chosen expending of one’s substance, leadeth to society’s
> comfort and peace.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.115
> 
> And among the teachings of Bahá’u’lláh is voluntary sharing of
> one’s property with others among mankind. This voluntary sharing
> is greater than equality, and consists in this, that man should not
> 
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> 
> prefer himself to others, but rather should sacrifice his life
> and property for others. But this should not be introduced by
> coercion so that it becomes a law and man is compelled to
> follow it. Nay, rather, man should voluntarily and of his own
> choice sacrifice his property and life for others, and spend
> willingly for the poor, just as is done in Persia among the Bahá’ís.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.302
> 
> In the Bolshevistic principles equality is effected through
> force. The masses who are opposed to the people of rank and
> to the wealthy class desire to partake of their advantages.
> But in the divine teachings equality is brought about
> through a ready willingness to share. It is commanded as
> regards wealth that the rich among the people, and the
> aristocrats should, by their own free will and for the sake of
> their own happiness, concern themselves with and care for
> the poor. This equality is the result of the lofty characteristics
> and noble attributes of mankind.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.44
> 
> DIVINE CIVILIZATION
> Material civilization has reached an advanced plane, but now
> there is need of spiritual civilization. Material civilization alone
> will not satisfy; it cannot meet the conditions and requirements
> of the present age; its benefits are limited to the world of
> matter. There is no limitation to the spirit of man, for spirit in
> itself is progressive, and if the divine civilization be established,
> the spirit of man will advance.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.101,
> Cleveland, Ohio, 6 May 1912
> 
> Economics of the Future Begins Today
> 
> Every developed susceptibility will increase the effectiveness
> of man. Discoveries of the real will become more and more
> possible, and the influence of divine guidance will be
> increasingly recognized. All this is conducive to the divine
> form of civilization. … The world shall at last find peace, and
> the equalities and rights of men shall be established. The
> capacity of humankind will be tested, and a degree shall be
> attained where equality is a reality.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.101-102
> 
> As heretofore material civilization has been extended, the
> divine civilization must now be promulgated. Until the two agree,
> real happiness among mankind will be unknown. By mere
> intellectual development and power of reason, man cannot
> attain to his fullest degree—that is to say, by means of intellect
> alone he cannot accomplish the progress effected by religion.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.170,
> New York, 2 June 1912
> 
> While it is true that its people have attained a marvellous
> material civilization, I hope that spiritual forces may animate
> this great body and a corresponding spiritual civilization be
> established.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.19-20,
> New York, 16 April 1912
> 
> And among the teachings of Bahá’u’lláh is that although material
> civilization is one of the means for the progress of the world
> of mankind, yet until it becomes combined with Divine
> civilization, the desired result, which is the felicity of mankind,
> will not be attained.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.303
> 
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> 
> Material civilization is like a lamp-glass. Divine civilization
> is the lamp itself and the glass without the light is dark.
> Material civilization is like the body. No matter how infinitely
> graceful, elegant and beautiful it may be, it is dead. Divine
> civilization is like the spirit, and the body gets its life from
> the spirit, otherwise it becomes a corpse. It has thus been
> made evident that the world of mankind is in need of the
> breaths of the Holy Spirit.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.303
> 
> DETACHMENT
> Cast away that which ye possess, and, on the wings of
> detachment, soar beyond all created things. Thus biddeth you
> the Lord of creation, the movement of Whose Pen hath
> revolutionized the soul of mankind.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 54, p.39; Gleanings
> from the Writings of Bahá’u’lláh, p.139; and The Proclamation
> of Bahá’u’lláh, p.117
> 
> What advantage is there in the earthly things which men possess?
> That which shall profit them, they have utterly neglected.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 40, p.34; Gleanings from
> the Writings of Bahá’u’lláh, p.138
> 
> O MY SERVANT!
> Free thyself from the fetters of this world, and loose thy soul
> from the prison of self. Seize thy chance, for it will come to
> thee no more.
> - Bahá’u’lláh, The Hidden Words, Persian No. 40
> 
> O SON OF PASSION!
> Cleanse thyself from the defilement of riches and in perfect
> 
> Economics of the Future Begins Today
> 
> peace advance into the realm of poverty; that from the
> well-spring of detachment thou mayest quaff the wine of
> immortal life.
> - Bahá’u’lláh, The Hidden Words, Persian No. 55
> 
> Earthly treasures We have not bequeathed, nor have We
> added such cares as they entail. By God! In earthly riches
> fear is hidden and peril is concealed. Consider ye and call to
> mind that which the All-Merciful hath revealed in the Qur’án:
> ‘Woe betide every slanderer and defamer, him that layeth up
> riches and counteth them.’ (Qur’án 104:1–2)
> Fleeting are the riches of the world; all that perisheth and
> changeth is not, and hath never been, worthy of attention,
> except to a recognized measure.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.219. (Kitáb-i-‘Ahd, the
> Book of the Covenant)
> 
> JUSTICE
> O SON OF SPIRIT!
> The best beloved of all things in My sight is Justice; turn not
> away therefrom if thou desirest Me, and neglect it not that
> I may confide in thee. By its aid thou shalt see with thine own
> eyes and not through the eyes of others, and shalt know of
> thine own knowledge and not through the knowledge of thy
> neighbour. Ponder this in thy heart; how it behooveth thee to
> be. Verily justice is My gift to thee and the sign of My
> loving-kindness. Set it then before thine eyes.
> - Bahá’u’lláh, The Hidden Words, Arabic No. 2
> 
> They that are just and fair-minded in their judgement occupy
> a sublime station and hold an exalted rank. The light of
> 
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> 
> piety and uprightness shineth resplendent from these souls.
> We earnestly hope that the peoples and countries of the
> world may not be deprived of the splendours of these two
> luminaries.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.37
> 
> The light of men is Justice. Quench it not with the contrary
> winds of oppression and tyranny. The purpose of justice is
> the appearance of unity among men. The ocean of divine
> wisdom surgeth within this exalted word, while the books of
> the world cannot contain its inner significance. Were mankind
> to be adorned with this raiment, they would behold the
> day-star of the utterance, ‘On that day God will satisfy
> everyone out of His abundance, (Qur’án 4:129) shining
> resplendent above the horizon of the world. Appreciate ye
> the value of this utterance; it is a noble fruit that the Tree of
> the Pen of Glory hath yielded.
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.66–67
> 
> And among the teachings of Bahá’u’lláh are justice and right.
> Until these are realized on the plane of existence, all things
> shall be in disorder and remain imperfect.
> - ‘Abdu’l-Bahá, Selections from the Writings of ‘Abdu’l-Bahá, p.304
> 
> We ask God to endow human souls with justice so that they
> may be fair, and may strive to provide for the comfort of all,
> that each member of humanity may pass his life in the utmost
> comfort and welfare. Then this material world will become the
> very paradise of the Kingdom, this elemental earth will be in
> a heavenly state and all the servants of God will live in the
> utmost joy, happiness and gladness.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43
> 
> Economics of the Future Begins Today
> 
> In reality, so far great injustice has befallen the common
> people.
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43–44
> 
> The government of the countries should conform to the Divine
> Law which gives equal justice to all. This is the only way in
> which the deplorable superfluity of great wealth and miserable,
> demoralizing, degrading poverty can be abolished. Not until
> this is done will the Law of God be obeyed.
> - ‘Abdu’l-Bahá, Paris Talks, p.154
> 
> Among the results of the manifestation of spiritual forces will be
> that the human world will adapt itself to a new social form, the
> justice of God will become manifest throughout human affairs,
> and human equality will be universally established. …
> The essence of the matter is that divine justice will become
> manifest in human conditions and affairs, and all mankind will
> find comfort and enjoyment in life.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132,
> New Jersey, 19 May 1912
> 
> INHERITANCE
> a. Inheritance falls into the following categories.
> 1. children        1,080         out of     2,520     shares
> 2. husband or wife 390             “        2,520       “
> 3. father           330            “        2,520       “
> 4. mother           270            “        2,520       “
> 5. brother          210            “        2,520       “
> 6. sister           150            “        2,520       “
> 7. teacher           90            “        2,520       “
> …
> 
> Compilation of the Writings of Economics
> 
> c. i. In cases where there is no issue the share of the
> children reverts to the House of Justice to be expended on
> orphans and widows and for whatever will profit mankind.
> ii. If the son of the deceased be dead and leave issue,
> these will inherit the share of their father. If the daughter of
> the deceased be dead and leave issue, her share will have to
> be divided into the seven categories specified in the Most
> Holy Book.
> d. Should one leave offspring but either part or all of the
> other categories of inheritors be non-existent, two thirds of
> their shares reverts to the offspring and one third to the
> House of Justice.
> e. Should none of the specified beneficiaries exist, two
> thirds of the inheritance reverts to the nephews and nieces
> of the deceased. If these do not exist, the same share reverts
> to the aunts and uncles; lacking these, to their sons and
> daughters. In any case the remaining third reverts to the
> House of Justice.
> 
> f. Should one leave none of the aforementioned heirs, the
> entire inheritance reverts to the House of Justice.
> g. The residence and the personal clothing of the deceased
> father pass to the male not to the female offspring. If there be
> several residences the principal and most important one
> passes to the male offspring. The remaining residences will
> together with the other possessions of the deceased have to
> be divided among the heirs. If there be no male offspring two
> thirds of the principal residence and the personal clothing of
> the deceased father will revert to the female issue and one
> 
> Economics of the Future Begins Today
> 
> third to the House of Justice. In the case of the deceased
> mother all her used clothing is to be equally divided amongst
> her daughters. Her unworn clothing, jewels and property
> must be divided among her heirs, as well as her used clothing
> if she leaves no daughter.
> h. Should the children of the deceased be minors their
> share should either be entrusted to a reliable person or to
> a company for purposes of investment, until they attain the
> age of maturity. A share of the interest accrued should be
> assigned to the trustee.
> i. The inheritance should not be divided until after the payment
> of the Huqúqu’lláh (The Right of God), of any debts contracted
> by the deceased and of any expenses incurred for a befitting
> funeral and burial.
> j. If the brother of the deceased is from the same father he
> will inherit his full allotted share. If he is from another father he
> will inherit only two thirds of his share, the remaining one third
> reverting to the House of Justice. The same law is applicable
> to the sister of the deceased.
> k. In case there are full brothers or full sisters, brothers and
> sisters from the mother’s side do not inherit.
> l. A non-Bahá’í teacher does not inherit. If there should be
> more than one teacher, the share allotted to the teacher is to be
> equally divided among them.
> m. Non-Bahá’í heirs do not inherit.
> n. Aside from the wife’s used clothing and gifts of jewellery
> or otherwise which have been proven to have been given her
> 
> Compilation of the Writings of Economics
> 
> by her husband, whatever the husband has purchased for his
> wife are to be considered as the husband’s possessions to be
> divided among his heirs.
> o. Any person is at liberty to will his possessions as he sees
> fit provided he makes provisions for the payment of
> Huqúqu’lláh and the discharge of his debts.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, Other Sections, p.153–156
> 
> In future, a manufacturer will not be allowed to leave all his
> property to his own family. A law will be made something like
> this—that he must leave one-quarter only of his property to his
> family, and the other three-quarters must go to the factory
> workers who have created his wealth.
> - ‘Abdu’l-Bahá, Star of the West, Vol. VIII:1, p.11
> 
> HUQÚQU’LLÁH
> Readers are advised to read the compilation on
> Huqúqu’lláh - The Right of God by the Research
> Department of the Universal House of Justice for a detailed
> study of this subject.
> Nothing that existeth in the world of being hath ever
> been or ever will be worthy of mention. However, if a
> person be graciously favoured to offer a penny-worth—nay
> even less—in the path of God, this would in His sight be
> preferable and superior to all the treasures of the earth. It
> is for this reason that the one true God—exalted be His
> glory—hath in all His heavenly Scriptures praised those
> who observe His precepts and bestow their wealth for His
> sake. Beseech ye God that He may enable everyone to
> 
> Economics of the Future Begins Today
> 
> discharge the obligation of Huqúq, inasmuch as the progress
> and promotion of the Cause of God depend on material
> means. If His faithful servants could realize how meritorious
> are benevolent deeds in these days, they would all arise to
> do that which is meet and seemly.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.489; Huqúqu’lláh - The Right of God, 2007, No.4
> 
> It is incumbent upon everyone to discharge the obligation of
> Huqúq. The advantages gained from this deed revert to the
> persons themselves. However, the acceptance of the offerings
> dependeth on the spirit of joy, fellowship and contentment
> that the righteous souls who fulfil this injunction will manifest.
> If such is the attitude acceptance is permissible, and not
> otherwise.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.490; Huqúqu’lláh - The Right of God, No.11
> 
> Huqúqu’lláh is indeed a great law. It is incumbent upon all to
> make this offering, because it is the source of grace, abundance,
> and of all good. It is a bounty which shall remain with every soul
> in every world of the worlds of God, the All-Possessing, the
> All-Bountiful.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.490; Huqúqu’lláh - The Right of God, No.13
> 
> Fix thy gaze upon the glory of the Cause. Speak forth that
> which will attract the hearts and the minds. To demand the
> Huqúq is in no wise permissible. This command was revealed
> in the Book of God for various necessary matters ordained by
> God to be dependent upon material means. Therefore, if
> someone, with utmost pleasure and gladness, nay with insistence,
> 
> Compilation of the Writings of Economics
> 
> wisheth to partake of this blessing, thou mayest accept.
> Otherwise, acceptance is not permissible.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.491; Huqúqu’lláh - The Right of God, No.84
> 
> Question: In the holy Tablets it hath been revealed that when
> someone acquireth the equivalent of nineteen mithqáls of gold,
> he should pay the Right of God on that sum. Might it be
> explained how much of this nineteen should be paid?
> Answer: Nineteen out of one hundred is established by the
> ordinance of God. Computation should be made on this
> basis. It may then be ascertained what amount is due on
> nineteen.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, Questions and Answers,
> No. 89, p.132-133
> 
> The minimum amount subject to Huqúqu’lláh is reached when
> one’s possessions are worth the number of Váhid (19); that
> is, whenever one owneth 19 mithqáls of gold, or acquireth
> possessions attaining this value, after having deducted
> therefrom the yearly expenses, the Huqúq becometh applicable
> and its payment is obligatory.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.493; Huqúqu’lláh - The Right of God, No.44
> 
> There is a prescribed ruling for the Huqúqu’lláh. After the House
> of Justice hath come into being, the law thereof will be made
> manifest, in conformity with the Will of God
> - Bahá’u’lláh; Huqúqu’lláh - The Right of God, No.20
> 
> Thine intention to pay a visit to the blessed House is acceptable
> and well-pleasing in the sight of this Wronged One, provided it
> 
> Economics of the Future Begins Today
> 
> is accomplished in a spirit of joy and radiance and would not
> prove contrary to the dictates of wisdom.
> Say: O people, the first duty is to recognize the one true
> God—magnified be His glory—the second is to show forth
> constancy in His Cause and, after these, one’s duty is to purify
> one’s riches and earthly possessions according to that which
> is prescribed by God. Therefore it beseemeth thee to meet
> thine obligation to the Right of God first, then to direct thy
> steps toward His blessed House. This hath been brought to
> thine attention as a sign of favour.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.499; Huqúqu’lláh - The Right of God, No.2
> 
> Payments for the Huqúqu’lláh cannot be handed over to every
> person. These words have been uttered by Him Who is the
> sovereign Truth. The Huqúqu’lláh should be kept in the custody
> of trusted individuals and forwarded to His holy court through
> the Trustees of God.
> - Bahá’u’lláh, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.508; Huqúqu’lláh - The Right of God, No.88
> 
> Thou hast enquired about the Huqúq. From one’s annual
> income, all expenses during the year are deductible, and on
> what is left 19% is payable to the Huqúq. Thus, a person hath
> earned £1,000 income out of his business. After deducting his
> annual expenses of say £600, he would have a surplus of
> £400 on which Huqúq is payable at the rate of 19%. This
> would amount to £76 to be offered for charitable purposes to
> the Huqúq.
> The Huqúq is not levied on one’s entire possessions each
> year. A person’s wealth may be worth £100,000. How can he
> 
> Compilation of the Writings of Economics
> 
> be expected to pay Huqúq on this property every year? For
> instance, whatever income thou hast earned in a particular
> year, you should deduct from it your expenses during that
> year. The Huqúq will then be payable on the remainder.
> Possessions on which Huqúq was paid the previous year will
> be exempt from further payment.
> - ‘Abdu’l-Bahá, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.511–512; Huqúqu’lláh - The Right of
> God, No.46
> 
> Huqúq is applied on everything one possesseth. However, if
> a person hath paid the Huqúq on a certain property, and the
> income from that property is equal to his needs, no Huqúq
> is payable by that person.
> Huqúq is not payable on agricultural tools and equipment,
> and on animals used in ploughing the land, to the extent that
> these are necessary.
> - ‘Abdu’l-Bahá, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.512; and Lights of Guidance, p.308;
> Huqúqu’lláh - The Right of God, No.48
> 
> Regarding the Huqúqu’lláh … this is applied to one’s
> merchandise, property and income. After deducting the necessary
> expenses, whatever is left as profit, and is an addition to one’s
> capital, such a sum is subject to Huqúq. When one has paid
> Huqúq once on a particular sum, that sum is no longer subject
> to Huqúq, unless it should pass from one person to another.
> One’s residence, and the household furnishings are exempt from
> Huqúq … Huqúqu’lláh is paid to the Centre of the Cause.
> - Shoghi Effendi, The Compilation of Compilations, Vol. I
> (Huqúqu’lláh), p.515. (4 April–3 May 1927—translated from the
> Persian); Huqúqu’lláh - The Right of God, No.51
> 
> Economics of the Future Begins Today
> 
> THE GREAT FINANCIAL DEPRESSION
> The Great Depression, the aftermath of the severest ordeals
> humanity had ever experienced, the disintegration of the
> Versailles system, the recrudescence of militarism in its most
> menacing aspects, the failure of vast experiments and new-
> born institutions to safeguard the peace and tranquillity of
> peoples, classes and nations, have bitterly disillusioned
> humanity and prostrated its spirits.
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.188
> 
> COMPETITION
> In the world of nature we behold the living organisms in a
> ceaseless struggle for existence. Everywhere we are confronted
> by evidences of the physical survival of the fittest. This is the
> very source of error and misapprehension in the opinions and
> theories of men who fail to realize that the world of nature is
> inherently defective in cause and outcome and that the defects
> therein must be removed by education.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.400,
> Washington, D.C., 7 November 1912
> 
> In nature there is the law of the survival of the fittest. Even if
> man be not educated, then according to the natural institutes
> this natural law will demand of man supremacy. The purpose
> and object of schools, colleges and universities is to educate
> man and thereby rescue and redeem him from the exigencies
> and defects of nature and to awaken within him the capability
> of controlling and appropriating nature’s bounties.
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.353,
> Palo Alto, California, 8 October 1912
> 
> Compilation of the Writings of Economics
> 
> Shall he, then, remain its captive, even failing to qualify under
> the natural law which commands the survival of the fittest?
> That is to say, shall he continue to live upon the level of the
> animal kingdom without distinction between them and himself
> in natural impulses and ferocious instincts?
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.353,
> Palo Alto, California, 8 October 1912
> 
> THE WORLD’S EQUILIBRIUM
> The world’s equilibrium hath been upset through the vibrating
> influence of this most great, this new World Order. Mankind’s
> ordered life hath been revolutionized through the agency of
> this unique, this wondrous System - the like of which mortal
> eyes have never witnessed.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 181, p.85; Gleanings
> from the Writings of Bahá’u’lláh, Chapter LXX, p.136; and The
> Proclamation of Bahá’u’lláh, p.118
> 
> Say: This is the infallible Balance which the Hand of God is
> holding, in which all who are in the heavens and all who are
> on the earth are weighed, and their fate determined, if ye be
> of them that believe and recognize this truth.
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 183, p.86; Gleanings
> from the Writings of Bahá’u’lláh, p.136–137; and The
> Proclamation of Bahá’u’lláh, p.119
> 
> Economy is the foundation of human prosperity. The
> spendthrift is always in trouble. Prodigality on the part of any
> person is an unpardonable sin. We must never live on others
> like a parasitic plant. Every person must have a profession,
> whether it be literary or manual, and must live a clean, manly,
> 
> Economics of the Future Begins Today
> 
> honest life, an example of purity to be imitated by others. It
> is more kingly to be satisfied with a crust of stale bread
> than to enjoy a sumptuous dinner of many courses, the
> money for which comes out of the pockets of others. The
> mind of a contented person is always peaceful and his heart
> at rest.
> - ‘Abdu’l-Bahá, Quoted by J. E. Esselmont in Bahá’u’lláh and
> the New Era, Simple Life section, p.98
> 
> Workshop
> 
> Economics of the Future Begins Today
> 
> INTRODUCTION
> There is no doubt that the subject of Economics is one of the
> most important and overwhelming questions of our time.
> Whether at the individual level or at the national level,
> everyone is trying to solve their economic problems. The
> economic situation of the world at present is in a state of
> confusion and mankind is looking for a solution. However,
> there does not seem to be a solution in sight except in
> re-examining the fundamental values and standards of the
> present economic system and replacing them. We have to
> keep in mind that the present economic system is a by-product
> of the old order that is dying out. It is dying because of the
> separation of economic advancement from spiritual
> advancement and because of the exclusion of spiritual and
> human values in the formulation of economic theories. The
> present economic system is a system without life and spirit.
> In spite of economies becoming more interdependent due to
> technological advancements and the flow of information, the
> hearts of people are far apart.
> As Bahá’ís we are assured that the World Order of
> Bahá’u’lláh will bring with it a new economic system with its
> foundation in the hearts of people. However, until then, it is
> essential for us to increase our understanding and knowledge
> of the Writings on the subject. We know that there is no
> “Bahá’í economic system” at this time but there are guidelines
> within the Writings for future economists and the Universal
> House of Justice to formulate one. In the meantime, we need
> to examine the present economic system in the light of these
> guidelines. Great care should be taken, while doing so, not
> to get lost in discussing the details and the technicalities of
> 
> Workshop
> 
> economic systems. We have to keep our focus on the big
> picture. The economic field is vast and traditionally a setting
> for long and argumentative discussions with no definite
> conclusions. Avoiding this pitfall is important.
> It should be made clear that the aim of this material is not
> to discredit the economic thoughts or the economists of the
> past and present. Instead, we can appreciate their hard work
> in formulating economic theories that have led to the present
> system. To the best of their abilities, they have tried to solve
> the problems of an ever-changing world. Their failure to do
> so is humanity’s failure to recognize the spiritual needs and
> destiny of man. Their solutions to economic problems lacked
> divine guidance and hence were doomed to fail.
> 
> Economics of the Future Begins Today
> 
> The material is divided into four parts:
> 
> Part one: Deals with the study of the Writings on the
> nature of economic problems and their solutions. This study
> should help to create a framework to guide us through the rest
> of the material.
> 
> Part two: Emphasizes the spiritual values that are essential
> to visualize a “Divine Economy”.
> 
> Part three: Concentrates on specific economic principles
> in the Writings.
> 
> Part four: Focuses on Bahá’u’lláh’s vision of a World
> Commonwealth.
> 
> Workshop - Part One
> 
> PART ONE
> ‘Abdu’l-Bahá summarizes the state of our world’s affairs and
> explains the nature of the problems:
> “Although the body politic is one family yet because of lack of
> harmonious relations some members are comfortable and some
> in direst misery, some members are satisfied and some are
> hungry, some members are clothed in most costly garments
> and some members are in need of food and shelter. Why?
> Because this family lacks the necessary reciprocity and
> symmetry. This household is not well arranged. This household
> is not living under a perfect law. All the laws which are legislated
> do not ensure happiness. They do not provide comfort.”
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.38; and Star of
> the West, Vol. XIII, p.227–228
> 
> Questions:
> 1.   What is the result of lack of harmonious relations?
> 2.   What does the human family lack?
> 3.   Why is this household not well arranged?
> 4.   Do legislated laws alone ensure happiness?
> “Economic plans of reconstruction have been carefully devised,
> and meticulously executed. And yet crisis has succeeded crisis,
> and the rapidity with which a perilously unstable world is
> declining has been correspondingly accelerated. A yawning
> gulf threatens to involve in one common disaster both the
> satisfied and dissatisfied nations, democracies and
> dictatorships, capitalists and wage-earners, Europeans and
> Asiatics, Jew and Gentile, white and coloured.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.190
> 
> Economics of the Future Begins Today
> 
> Questions:
> 1. What has happened in spite of carefully devised and
> meticulously executed economic plans?
> 2. Who will be involved in one common disaster?
> 3. What threatens to involve people in one common
> disaster?
> 4. Can you think of any economic plan that was devised but
> failed?
> 5. Name a few economic crises of our century.
> 6. Do you think economic problems can only be found in
> developing countries?
> 7. Can you name a few economic problems that industrial
> countries face or have faced?
> 
> ‘Abdu’l-Bahá explains one of the problems that has had
> great economic consequences on the world’s nations:
> 
> “Peace is the pretext, and night and day they are all straining
> every nerve to pile up more weapons of war, and to pay for
> this their wretched people must sacrifice most of whatever
> they are able to earn by their sweat and toil. How many
> thousands have given up their work in useful industries and
> are labouring day and night to produce new and deadlier
> weapons which would spill out the blood of the race more
> copiously than before.
> Each day they invent a new bomb or explosive and then
> the governments must abandon their obsolete arms and
> begin producing the new, since the old weapons cannot hold
> their own against the new.”
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.61
> 
> Workshop - Part One
> 
> Questions:
> 1. Why do people have to sacrifice most of whatever they are
> able to earn?
> 2. Why have thousands given up their work in useful industries?
> 3. What happens to old weapons once new ones are devised?
> Now let us examine ‘Abdu’l-Bahá’s vision of a world
> without war:
> “Observe that if such a happy situation be forthcoming, no
> government would need continually to pile up the weapons of
> war, nor feel itself obliged to produce ever new military weapons
> with which to conquer the human race. A small force for the
> purposes of internal security, the correction of criminal and
> disorderly elements and the prevention of local disturbances,
> would be required — no more. In this way the entire population
> would, first of all, be relieved of the crushing burden of
> expenditure currently imposed for military purposes, and
> secondly, great numbers of people would cease to devote their
> time to the continual devising of new weapons of destruction...”
> - ‘Abdu’l-Bahá, The Secret of Divine Civilization, p.65–66
> 
> Questions:
> 1. What is the “happy situation” that ‘Abdu’l-Bahá refers to?
> 2. What is the alternative to the piling up of weapons of war
> and the continuing production of new military weapons?
> 3. What changes would the entire population experience?
> 4. What would be the size of a military force of the future and
> what would be its function?
> 5. How would people spend their time if they were not
> producing weapons of destruction?
> 
> Economics of the Future Begins Today
> 
> 6. Suggest ways of using money saved by reducing military
> expenditures.
> Another problem, that of the survival of the fittest, which
> originates in human nature, has been man’s legacy from the
> days when he lived a primitive life in the jungles to the present
> time. Today it is called competition.
> “In the world of nature we behold the living organisms in a
> ceaseless struggle for existence. Everywhere we are
> confronted by evidences of the physical survival of the fittest.
> This is the very source of error and misapprehension in the
> opinions and theories of men who fail to realize that the
> world of nature is inherently defective in cause and outcome
> and that the ….”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.400.
> (Talk dated 7 November 1912 in Washington, D.C.)
> 
> Questions:
> 1. How is the law of the survival of the fittest the origin of all
> difficulties?
> 2. Is survival of the fittest the cause of economic problems?
> The following are ‘Abdu’l-Bahá’s directives to overcome this
> problem:
> “This [survival of the fittest] is the very source of error and
> misapprehension in the opinions and theories of men who
> fail to realize that the world of nature is inherently defective
> in cause and outcome ….and that the defects therein must
> be removed by education.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.400.
> (Talk dated 7 November 1912 in Washington, D.C.)
> 
> Workshop - Part One
> 
> “In nature there is the law of the survival of the fittest.
> Even if man be not educated, then according to the natural
> institutes this natural law will demand of man supremacy.
> The purpose and object of schools, colleges and universities
> is to educate man and thereby rescue and redeem him
> from the exigencies and defects of nature and to awaken
> within him the capability of controlling and appropriating
> nature’s bounties.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.353
> 
> Questions:
> 1. What remedies have been offered to solve this problem?
> 2. What is the purpose and object of schools?
> 3. Does man have the capability of controlling and
> appropriating nature’s bounties?
> 4. Do you think that the economic systems of the world work
> on the basis of survival of the fittest?
> 5. What is the opposite of survival of the fittest?
> 
> What makes the “divine economy” different from all the
> economic systems of the world is its approach to the source
> of the economic problems and their solutions. In this way it
> differentiates itself from all the past and present economic
> theories and thoughts. ‘Abdu’l-Bahá states:
> 
> “The fundamentals of the whole economic condition are
> divine in nature and are associated with the world of the
> heart and spirit. This is fully explained in the Bahá’í
> teaching, and without knowledge of its principles no
> improvement in the economic state can be realized. The
> Bahá’ís will bring about this improvement and betterment
> 
> Economics of the Future Begins Today
> 
> but not through sedition and appeal to physical force—
> not through warfare, but welfare.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.238-239
> 
> Shoghi Effendi further explains the above statement:
> “… By the statement ‘the economic solution is divine in
> nature’ is meant that religion alone can, in the last resort,
> bring in man’s nature such a fundamental change as to
> enable him to adjust the economic relationships of society.
> It is only in this way that man can control the economic
> forces that threaten to disrupt the foundations of his
> existence, and thus assert his mastery over the forces of
> nature.”
> - Shoghi Effendi, Lights of Guidance, p.551. (From a letter
> written of behalf of Shoghi Effendi to an individual believer,
> 26 December 1935)
> 
> Questions:
> 1. What is the secret of the whole economic question?
> 2. How can we control economic forces?
> 3. Is there any way other than the Bahá’í Teachings to solve
> the economic situation of the world?
> ‘Abdu’l-Bahá … has said:
> “All economic problems may be solved by the application
> of the Science of the Love of God.’ That is to say: If the
> Rule called golden … were actually applied to the world’s
> economic problems, which if not solved bid fair to destroy
> us, and the love of God, the sort of love which makes a
> home life happy, were used as a scientific measurement to
> regulate our international and national affairs; to settle all
> 
> Workshop - Part One
> 
> relations between labour and capital, between rich and poor:
> to regulate all coinage and commerce, can there be any
> doubt that the results would be far more conducive to human
> welfare than our present policies have produced?”
> - Howard Colby Ives, Portals to Freedom, p.156
> 
> Bahá’u’lláh has explained the Golden Rule:
> 
> “O son of being!
> “Ascribe not to any soul that which thou wouldst not have
> ascribed to thee, and say not that which thou doest not.
> This is My command unto thee, do thou observe it.”
> - Bahá’u’lláh, The Hidden Words, Arabic No. 29
> 
> Questions:
> 1. What is the Golden Rule?
> 2. Is the Golden Rule applied today?
> 3. How can the Golden Rule lessen the gap between the poor
> and the rich?
> 
> Economics of the Future Begins Today
> 
> PART TWO
> In this section we will study Writings that are a foundation for
> a divine economy.
> A key feature of the divine economy that differs
> fundamentally from current economic theories is the recognition
> of the importance of the spiritual advancement of man, along
> with his material advancement.
> “Material civilization has reached an advanced plane, but
> now there is need of spiritual civilization. Material civilization
> alone will not satisfy; it cannot meet the conditions and
> requirements of the present age; its benefits are limited to
> the world of matter. There is no limitation to the spirit of
> man, for spirit in itself is progressive and if the divine
> civilization be established, the spirit of man will advance.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.101
> 
> “As heretofore material civilization has been extended, the
> divine civilization must now be promulgated. Until the two
> agree, real happiness among mankind will be unknown. By
> mere intellectual development and power of reason, man
> cannot attain to his fullest degree—that is to say, by means
> of intellect alone he cannot accomplish the progress effected
> by religion.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.170
> 
> Questions:
> 1. What are the limits of a material civilization?
> 2. How will the establishment of a divine civilization affect
> man?
> 
> Workshop - Part Two
> 
> 3. Is spiritual civilization in balance with material civilization in
> the world today?
> 4. Has material advancement brought happiness to mankind?
> Unlike the popular belief today that material advancement brings
> happiness, Bahá’u’lláh reminds us:
> 
> “O son of being!
> “Busy not thyself with this world, for with fire We test the
> gold, and with gold We test our servants.”
> - Bahá’u’lláh, The Hidden Words, Arabic No. 55
> 
> “O son of man!
> “Thou dost wish for gold and I desire thy freedom from it.
> Thou thinkest thyself rich in its possession, and I recognize
> thy wealth in thy sanctity therefrom. By My life! This is My
> knowledge, and that is thy fancy; how can My way accord
> with thine?”
> - Bahá’u’lláh, The Hidden Words, Arabic No. 56
> 
> Questions:
> 1. Why does Bahá’u’lláh want us to be detached from the
> material world?
> 2. What is real richness?
> “...In all matters moderation is desirable. If a thing is
> carried to excess, it will prove a source of evil.”
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.69
> 
> “Fear ye God, and take heed not to outstrip the bounds of
> moderation, and be numbered among the extravagant.”
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh, p.251
> 
> Economics of the Future Begins Today
> 
> Questions:
> 1. In what matters is moderation desirable?
> 2. Why does moderation have to be observed in all matters?
> 3. Is moderation a popular idea among people?
> The most crucial mistake that the economists have made is
> their failure to recognize man’s high station. Hence, it is not
> surprising to see man being reduced to one of the factors in
> production (labour), along with land and capital. Their theories
> have used a very limited definition of man. He has been
> depicted most of the time as a selfish and greedy being who
> has no other goal except to satisfy his own needs (consumer)
> without regard for the welfare of others. This view is far
> removed from what God has ordained for man. Bahá’u’lláh
> explains:
> “Lofty is the station of man, were he to hold fast to
> righteousness and truth and to remain firm and steadfast in
> the Cause. … His is the loftiest station, and his influence
> educateth the world of being.”
> - Bahá’u’lláh, Tablets of Bahá’u’lláh, p.220
> 
> ‘Abdu’l-Bahá adds:
> “If … the spiritual nature of the soul has been so strengthened
> that it holds the material side in subjection, then does man
> approach the Divine; his humanity becomes so glorified
> that the virtues of the Celestial Assembly are manifested in
> him; he radiates the Mercy of God, he stimulates the spiritual
> progress of mankind, for he becomes a lamp to show light
> on their path.”
> - ‘Abdu’l-Bahá, Paris Talks, p.97–98
> 
> Workshop - Part Two
> 
> Questions:
> 1. How can man attain a great station?
> 2. Describe the potential of man once his spiritual nature has
> been strengthened.
> 3. Is man’s true potential recognized in the present economic
> system?
> This is ‘Abdu’l-Bahá’s guidance to assist man to achieve his
> true station by balancing his spiritual and material efforts.
> “ ... Share your time with God. … Spend half of the day
> in search of livelihood, guaranteeing your material life
> and dignified appearance, and dedicate the other half in
> the acquisition of moral virtues and service at the threshold
> of God...”
> - ‘Abdu’l-Bahá, Áhang-i-Badí’, volume 31, number 339, p.83
> (pilgrim’s note)
> Questions:
> 1. What areas should be the focus of our lives?
> 2. Do you think that we are responsible for earning our livelihood
> or is it the role of the government to provide it for us?
> Many economic systems have laid great emphasis on equality without
> recognizing the inherent inequalities in the abilities of man, and in
> emphasizing absolute equality rather than equality in opportunities.
> “Social inequality is the inevitable outcome of the
> natural inequality of man. Human beings are different
> in ability and should, therefore, be different in their
> social and economic standing. Extremes of wealth and
> poverty should, however, be abolished...”
> - Shoghi Effendi, Directives of the Guardian, p.20
> 
> Economics of the Future Begins Today
> 
> “For the community needs financier, farmer, merchant and
> labourer just as an army must be composed of commander,
> officers and privates. All cannot be commanders; all cannot
> be officers or privates. Each in his station in the social
> fabric must be competent—each in his function according
> to ability but with justice of opportunity for all.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.216
> 
> Questions:
> 1. Why are people not equal?
> 2. In your opinion, should people with lesser abilities have a
> lower quality of life?
> 3. Can differences in functions and economic status be used as
> spiritual criteria?
> Although there has been some recognition of the role of
> women and the contributions they have made to the
> advancement of our civilization, their real potential has not
> been recognized nor utilized.
> “… there must be an equality of rights between men and
> women. Women shall receive an equal privilege of education.
> This will enable them to qualify and progress in all degrees
> of occupation and accomplishment. For the world of
> humanity possesses two wings: man and woman. If one
> wing remains incapable and defective, it will restrict the
> power of the other, and full flight will be impossible.
> Therefore, the completeness and perfection of the human
> world are dependent upon the equal development of these
> two wings.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.318
> 
> Workshop - Part Two
> 
> Questions:
> 1. Do women presently have an equal opportunity of
> education everywhere in the world?
> 2. Are women prominent in all spheres of human affairs?
> 3. What do you suggest will improve the role of women in
> society?
> The idea of the equality of men and women has been
> included in some economic theories, but as we can see in
> our world today, they have failed to achieve it. The Bahá’í
> Faith not only stresses the importance of equal opportunities
> but encourages mankind to go one step further:
> “… the Teachings of Bahá’u’lláh advocate voluntary
> sharing, and this is a greater thing than the equalization of
> wealth. For equalization must be imposed from without,
> while sharing is a matter of free choice.
> Man reacheth perfection through good deeds,
> voluntarily performed, not through good deeds the doing
> of which was forced upon him. And sharing is a personally
> chosen righteous act: that is, the rich should extend
> assistance to the poor, they should expend their substance
> for the poor, but of their own free will, and not because
> the poor have gained this end by force. For the harvest of
> force is turmoil and the ruin of the social order. On the
> other hand voluntary sharing, the freely-chosen expending
> of one’s substance, leadeth to society’s comfort and peace.
> It lighteth up the world; it bestoweth honour upon
> humankind.”
> - ‘Abdu’l-Bahá, Selections from the Writings of
> ‘Abdu’l-Bahá, p.115
> 
> Economics of the Future Begins Today
> 
> Questions:
> 1. Why is voluntary sharing greater than equality?
> 2. How will voluntary sharing change human affairs?
> 3. Does the present economic system encourage voluntary
> sharing?
> No vision of a divine economy is complete without a
> foundation of justice.
> “We ask God to endow human souls with justice so that
> they may be fair, and may strive to provide for the comfort
> of all, that each member of humanity may pass his life in
> the utmost comfort and welfare. Then this material world
> will become the very paradise of the Kingdom, this elemental
> earth will be in a heavenly state and all the servants of God
> will live in the utmost joy, happiness and gladness.”
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.43; and Star of
> the West, p.230
> 
> “Among the results of the manifestation of spiritual forces
> will be that the human world will adapt itself to a new
> social form, the justice of God will become manifest
> throughout human affairs, and human equality will be
> universally established. …
> The essence of the matter is that divine justice will
> become manifest in human conditions and affairs, and all
> mankind will find comfort and enjoyment in life.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.132
> 
> Questions:
> 1. What are the effects of justice on human souls?
> 2. How can justice provide comfort for all?
> 
> Workshop - Part Three
> 
> PART THREE
> In this section, Writings on some specific economic topics
> will be presented:
> 
> CAPITALISM
> There is a strong belief in the world that capitalism is a solution
> to all economic problems. However, we know that no system
> is perfect, whether it be capitalism or communism, if the
> foundation is not built on divine principles.
> “There is nothing in the teachings against some kind of
> capitalism; its present form, though, would require
> adjustments to be made.”
> - Shoghi Effendi, Directives of the Guardian, p.20
> 
> Questions:
> 1. Is the present form of capitalism perfect?
> 2. What adjustments have to be made to capitalism?
> 
> AGRICULTURE—THE FARMER
> “To solve this problem [welfare and well-being] we must begin
> with the farmer; there will we lay a foundation for system
> and order because the peasant class and the agricultural
> class exceed other classes in the importance of their service.”
> - ‘Abdu’l-Bahá, Foundations of World Unity, p.39
> 
> “The question of economics must commence with the farmer
> and then be extended to the other classes inasmuch as the
> number of farmers is greater than all the classes, many
> many times greater. Therefore, it is fitting that the economic
> 
> Economics of the Future Begins Today
> 
> problem be first solved with the farmer, for the farmer is
> the first active agent in the body politic.”
> - ‘Abdu’l-Bahá, Lights of Guidance, p.548. (Extract from a
> Tablet to an individual believer, 4 October 1912, translation
> corrected in the World Centre, December 1985)
> 
> Questions:
> 1. Why are the farmer’s services more important than the
> services of other classes of workers?
> 2. Why should we start with the farmer?
> 
> WORK AND PROFESSION
> “Every individual, no matter how handicapped and limited
> he may be, is under the obligation of engaging in some
> work or profession, for work, especially when performed in
> the spirit of service, is according to Bahá’u’lláh, a form of
> worship. It has not only a utilitarian purpose, but has a
> value in itself, because it draws us nearer to God, and
> enables us to better grasp His purpose for us in this world.
> It is obvious, therefore, that the inheritance of wealth cannot
> make anyone immune from daily work.”
> - Shoghi Effendi, Directives of the Guardian, p.83. (Letter written
> on behalf of the Guardian to the National Spiritual Assembly of
> the Bahá’ís of USA and Canada, dated 22 March 1937)
> 
> “… Whatever the progress of the machinery may be, man
> will have always to toil in order to earn his living. Effort is
> an inseparable part of man’s life. It may take different forms
> with the changing conditions of the world, but it will be
> always present as a necessary element in our earthly
> existence. Life is after all a struggle. Progress is attained
> 
> Workshop - Part Three
> 
> through struggle, and without such a struggle life ceases to
> have a meaning; it becomes even extinct. The progress of
> machinery has not made effort unnecessary. It has given it
> a new form, a new outlet.”
> - Shoghi Effendi, Lights of Guidance, p.551. (Letter written
> on behalf of the Guardian to an individual believer,
> dated 26 December 1935)
> 
> Questions:
> 1. What purpose does work serve besides earning a livelihood?
> 2. Are rich people exempt from working?
> 3. How can work be a form of worship?
> 4. How can work bring us closer to God?
> 
> WAGES
> “… The Master has definitely stated that wages should be
> unequal, simply because that men are unequal in their ability,
> and hence should receive wages that would correspond to
> their varying capacities and resources. This view seems to
> contradict the opinion of some modern economists. But the
> friends should have full confidence in the words of the Master,
> and should give preference to His statements over those
> voiced by our so-called modern thinkers.”
> - Shoghi Effendi, Lights of Guidance, p.551. (Letter written on
> behalf of the Guardian to an individual believer, dated
> 26 December 1935)
> 
> “…The workers could either be granted a wage that
> adequately meets their daily needs, as well as a right to a
> share in the revenues of the factory when they are injured,
> incapacitated, or unable to work, or else a wage could be
> 
> Economics of the Future Begins Today
> 
> set that allows the workers to both satisfy their daily needs
> and save a little for times of weakness and incapacity”
> - ‘Abdu’l-Bahá, Some Answered Questions, p.317
> 
> “Now I want to tell you about the law of God. According
> to the Divine law, employees should not be paid merely by
> wages. Nay, rather they should be partners in every work.”
> - ‘Abdu’l-Bahá, The Bahá’í World, Vol. IV, p.454
> 
> Questions:
> 1. Should wages be equal?
> 2. Will people earning less be deprived of opportunities?
> 3. Can workers be partners with their employers?
> 
> TAXATION
> Once work is done and money is earned, then the question of
> taxation arises.
> “We see you increasing every year your expenditures, and
> laying the burden thereof on your subjects. This, verily, is
> wholly and grossly unjust. Fear the sighs and tears of this
> Wronged One, and lay not excessive burdens on your peoples.”
> - Bahá’u’lláh, Gleanings from the Writings of Bahá’u’lláh,
> p.253; and The Proclamation of Bahá’u’lláh, p.12
> 
> “Each person in the community whose need is equal to his
> individual producing capacity shall be exempt from taxation.
> But if the income is greater than his needs, he must pay a
> tax until an adjustment is effected. That is to say, a man’s
> capacity for production and his needs will be equalized and
> reconciled through taxation. If his production exceeds, he
> 
> Workshop - Part Three
> 
> will pay a tax; if his necessities exceed his production, he
> shall receive an amount sufficient to equalize or adjust.
> Therefore, taxation will be proportionate to capacity and
> production, and there will be no poor in the community.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.217
> 
> Questions:
> 1. Should people be taxed equally?
> 2. Can graduated taxes help the poor?
> 3. Is it possible that some people will not pay tax in a divine
> economy?
> 
> RETIREMENT AND PENSION
> “As to the question of retirement from work for individuals
> who have reached a certain age, this is a matter on which
> the International House of Justice will have to legislate as
> there are no provisions in the Aqdas concerning it.”
> - Shoghi Effendi, Directives of the Guardian, p.83; Lights of
> Guidance, p.626; and Principles of Bahá’í Administration, p.12.
> (From a letter written on behalf of the Guardian to the National
> Spiritual Assembly of the United States and Canada,
> 22 March 1937)
> 
> “Even though you are 79 years old, that does not seem in
> your case to be any handicap; and in this Cause, as the
> Guardian has told us there is work for everyone of some
> sort, of whatever age he or she may be.”
> - Shoghi Effendi, Lights of Guidance, p.626. (From a letter
> written on behalf of the Guardian to an individual believer,
> 23 August 1954, Cited by the Universal House of Justice,
> 14 December 1970)
> 
> Economics of the Future Begins Today
> 
> “The workers could either be granted a wage that adequately
> meets their daily needs, as well as a right to a share in the
> revenues of the factory when they are injured, incapacitated,
> or unable to work, or else a wage could be set that allows
> the workers to both satisfy their daily needs and save a
> little for times of weakness and incapacity.”
> - ‘Abdu’l-Bahá, Some Answered Questions, p.317
> 
> Questions:
> 1. How can workers get support when they become feeble or
> helpless?
> 
> RATE OF INTEREST
> Presently, governments and economists use interest rates as an
> important tool to regulate economic activities. However, there
> are economies in the world that do not agree with the idea of
> any interest (e.g. some Islamic countries).
> “Most of the people are found to be in need of this matter;
> for if no interest be allowed, affairs (business) will be
> trammelled and obstructed. … A person is rarely found who
> would lend money to anyone upon the principle of
> ‘Qar-i-hasan’ (literally ‘good loan’, i.e. money advanced
> without interest and repaid at the pleasure of the borrower).
> Consequently, out of favour to the servants, We have
> appointed ‘profit on money’ to be current, among other
> business transactions which are in force among people. That
> is … it is allowable, lawful and pure to charge interest on
> money … but this matter must be conducted with moderation
> and justice. The Pen of Glory has withheld itself from laying
> down its limits, as a Wisdom from His Presence and as a
> 
> Workshop - Part Three
> 
> convenience for His servants. We exhort the friends of God
> to act with fairness and justice, and in such a way that the
> mercy of His beloved ones, and their compassion, may be
> manifested toward each other. …
> The execution of these matters has been placed in charge
> of the men of the House of Justice, in order that they may act
> in accordance with the exigencies of the time and with wisdom.”
> - Bahá’u’lláh, Quoted by J. E. Esselmont in Bahá’u’lláh and the
> New Era, The Ethics of Wealth section, p.136–137
> 
> Questions:
> 1. What is a good loan?
> 2. What is the importance of interest rates?
> 3. Are you paying any interest? If yes, do you think the rate
> is fair?
> 
> ECONOMIC RESOURCES
> “The economic resources of the world will be organized, its
> sources of raw materials will be tapped and fully utilized, its
> markets will be coordinated and developed, and the
> distribution of its products will be equitably regulated.
> … The enormous energy dissipated and wasted on war,
> whether economic or political, will be consecrated to such
> ends as will extend the range of human inventions and technical
> development, to the increase of the productivity of mankind, to
> the extermination of disease, to the extension of scientific
> research, to the raising of the standard of physical health, to
> the sharpening and refinement of the human brain, to the
> exploitation of the unused and unsuspected resources of the
> planet, to the prolongation of human life, and to the furtherance
> 
> Economics of the Future Begins Today
> 
> of any other agency that can stimulate the intellectual, the
> moral, and spiritual life of the entire human race.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.204
> 
> Questions:
> 1. How can economic resources be used for the improvement
> of human life?
> 2. To whom do the economic resources of the world belong?
> 3. Can economic resources be used to assist in the prolongation
> of human life?
> 
> ECONOMIC BARRIERS
> “That a narrow and brutal nationalism, which the post-war
> theory of self-determination has served to reinforce, has
> been chiefly responsible for the policy of high and prohibitive
> tariffs, so injurious to the healthy flow of international trade
> and to the mechanism of international finance, is a fact
> which few would venture to dispute.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.35
> 
> “A world community in which all economic barriers will
> have been permanently demolished and the interdependence
> of Capital and Labour definitely recognized; …”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.41
> 
> Questions:
> 1. Do tariffs harm economic development?
> 2. Why are tariffs imposed?
> 3. Can you think of any country that is removing its economic
> barriers?
> 
> Workshop - Part Three
> 
> WORLD CURRENCY
> “… a uniform and universal system of currency, of
> weights and measures, will simplify and facilitate
> intercourse and understanding among the nations and
> races of mankind.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> Questions:
> 1. How can a universal system of currency, weights and
> measurements help mankind?
> 
> Economics of the Future Begins Today
> 
> PART FOUR
> In the light of the Writings we have studied, it will now be
> easier to understand the vision of Bahá’u’lláh’s world
> commonwealth.
> “From every standpoint the world of humanity is
> undergoing a reformation. ... scientific ideas and theories
> are developing and advancing to meet a new range of
> phenomena; invention and discovery are penetrating
> hitherto unknown fields, revealing new wonders and hidden
> secrets of the material universe; industries have vastly
> wider scope and production; everywhere the world of
> mankind is in the throes of evolutionary activity indicating
> the passing of the old conditions and advent of the new
> age of reformation.”
> - ‘Abdu’l-Bahá, The Promulgation of Universal Peace, p.439
> 
> “The world’s equilibrium hath been upset through the
> vibrating influence of this most great, this new World Order.
> Mankind’s ordered life hath been revolutionized through the
> agency of this unique, this wondrous System—the like of
> which mortal eyes have never witnessed.”
> - Bahá’u’lláh, The Kitáb-i-Aqdas, para. 181, p.85
> 
> “It is the superstructure of that self-same Order, attaining
> its full stature through the emergence of the Bahá’í World
> Commonwealth—the Kingdom of God on earth—which the
> Golden Age of that same Dispensation [Bahá’í] must, in
> the fullness of time, ultimately witness.”
> - Shoghi Effendi, God Passes By, p.26
> 
> Workshop - Part Four
> 
> Questions:
> 1.   What re-formation is the world of humanity undergoing?
> 2.   What has upset the world’s equilibrium?
> 3.   How will the new World Order revolutionize mankind?
> 4.   Can you define the Bahá’í World Commonwealth.
> We have been assured that the advent of the Bahá’í World
> Commonwealth is inevitable. However, it is essential that
> mankind knows the stages of the process that he must pass
> through to reach that goal. Shoghi Effendi clearly explains:
> “ … the precautionary and defensive measures to be devised,
> co-ordinated, and carried out to counteract the full force of
> the inescapable attacks which the organized efforts of
> ecclesiastical organizations of various denominations will
> progressively launch and relentlessly pursue; and, last but
> not least, the multitudinous issues that must be faced, the
> obstacles that must be overcome, and the responsibilities
> that must be assumed, to enable a sore-tried Faith to pass
> through the successive stages of unmitigated obscurity, of
> active repression, and of complete emancipation, leading in
> turn to its being acknowledged as an independent Faith,
> enjoying the status of full equality with its sister religions,
> to be followed by its establishment and recognition as a
> State religion, which in turn must give way to its assumption
> of the rights and prerogatives associated with the Bahá’í
> state, functioning in the plenitude of its powers, a stage
> which must ultimately culminate in the emergence of the
> world-wide Bahá’í Commonwealth, animated wholly by the
> spirit, and operating solely in direct conformity with the
> laws and principles of Bahá’u’lláh.”
> - Shoghi Effendi, The Advent of Divine Justice, p.14-15
> 
> Economics of the Future Begins Today
> 
> “This commonwealth must, as far as we can visualize it,
> consist of a world legislature, whose members will, as the
> trustees of the whole of mankind, ultimately control the
> entire resources of all the component nations, and will
> enact such laws as shall be required to regulate the life,
> satisfy the needs and adjust the relationships of all races
> and peoples. A world executive, backed by an international
> Force, will carry out the decisions arrived at, and apply
> the laws enacted by, this world legislature, and will
> safeguard the organic unity of the whole commonwealth.
> A world tribunal will adjudicate and deliver its compulsory
> and final verdict in all and any disputes that may arise
> between the various elements constituting this universal
> system. A mechanism of world inter-communication will
> be devised, embracing the whole planet, freed from national
> hindrances and restrictions, and f unctioning with
> marvellous swiftness and perfect regularity. A world
> metropolis will act as the nerve centre of a world
> civilization, the focus towards which the unifying forces of
> life will converge and from which its energizing influences
> will radiate.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.203
> 
> Questions:
> 1. What p o wer will animat e t he Bahá’í Wo r ld
> Commonwealth?
> 2. What will be the responsibility of the members of the
> World Legislature?
> 3. What body will have the final verdict in all disputes?
> 4. What will act as the nerve centre of the world
> civilization?
> 
> Workshop - Part Four
> 
> “And as the Bahá’í Faith permeates the masses of the
> peoples of East and West, and its truth is embraced by the
> majority of the peoples of a number of the Sovereign States
> of the world, will the Universal House of Justice attain the
> plenitude of its power, and exercise, as the supreme organ
> of the Bahá’í Commonwealth, all the rights, the duties, and
> responsibilities incumbent upon the world’s future
> super-state.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.7
> 
> “The Declaration of Trust [and By-Laws of the National
> Spiritual Assembly of the United States,] … stands in its
> final form as a worthy and faithful exposition of the
> constitutional basis of the Bahá’í communities in every land,
> foreshadowing the final emergence of the world Bahá’í
> Commonwealth of the future.”
> - Shoghi Effendi, Bahá’í Administration, p.134–135
> 
> Haifa, Israel, the “… permanent world Administrative Centre
> of the future Bahá’í Commonwealth, destined never to be
> separated from, and to function in proximity of, the Spiritual
> Centre of that Faith [Bahá’í] ….”
> - Shoghi Effendi, God Passes By, p.348
> 
> Questions:
> 1. When will the Universal House of Justice attain the plenitude
> of its power?
> 2. What will act as the constitutional basis for the Bahá’í
> communities of the world?
> 3. Where will the permanent world Administrative and Spiritual
> Centre of the Bahá’í Commonwealth be?
> 
> Economics of the Future Begins Today
> 
> The last question! Who has the bounty of assisting the
> establishment of Bahá’u’lláh’s World Commonwealth?
> Shoghi Effendi gave us this answer:
> “To us, the ‘generation of the half-light’, living at a time
> which may be designated as the period of the incubation of
> the World Commonwealth envisaged by Bahá’u’lláh, has
> been assigned a task whose high privilege we can never
> sufficiently appreciate, and the arduousness of which we
> can as yet but dimly recognize.”
> - Shoghi Effendi, The World Order of Bahá’u’lláh, p.168–169
> 
> Brief Summary of
> The Bahá’í Faith
> 
> Economics of the Future Begins Today
> 
> The Bahá’í Faith is a world religion which began in 1844.
> Bahá’ís follow the teachings of Bahá’u’lláh (a title meaning
> the Glory of God), Whom they recognize as a Messenger
> from God. Bahá’u’lláh taught us that the God we all worship
> is the same God, though we may use different names - Alláh,
> Jehovah, the Creator, or Higher Power. We cannot know
> God because He is far above our ability to understand His
> Essence. The only way that we can attempt to perceive His
> Greatness and to feel His Love for us is through His
> Messengers. Bahá’ís also believe that over the course of
> thousands of years, from time to time and in different parts
> of the world, a small number of these Enlightened Ones have
> appeared. Bahá’ís believe that Bahá’u’lláh was the most
> recent of these Teachers. The Bahá’í Faith does not attempt
> to undermine any religion. Instead, it recognizes the missions
> of the great religions of the world as stages in the evolution
> of the spiritual life of humankind. When each one is carefully
> examined and stripped of the rituals that its followers have
> implemented, it becomes clear that they have brought the
> same spiritual teachings of love and goodwill to all humanity,
> changing hearts and bringing new life to the world. The only
> differences between them are the social teachings, teachings
> that differ because God’s Messengers come into the world
> at different times and their teachings serve the needs of the
> age in which they live. Krishna, Buddha, Zoroaster, Abraham,
> Moses, Jesus and Muhammad are all Messengers of God
> who appeared at different times in history and each changed
> the course of history. Krishna’s Teachings brought civilization
> to India and neighbouring countries. Moses also founded a
> great civilization after rescuing his people from bondage.
> Buddha brought light to the Asian peoples. Zoroaster’s
> 
> Brief Summary of the Bahá’í Faith
> 
> Teachings changed a culture steeped in superstition in Persia.
> Jesus altered the course of the Western world. Muhammad
> uplifted and unified uneducated and disunited people to
> become a nation. Each fulfilled the prophecies of the last
> Messenger and promised the renewal of religion in the future.
> The pivotal point of the Bahá’í Teachings is the unity of the
> human race as one family, erasing all traces of enmity and
> prejudice from the hearts of men. Through science and
> technology, we can travel to any corner of the globe in a day
> and communicate with each other instantly. Nations depend on
> each other’s cooperation and the need for understanding and
> assistance among all nations has generally become accepted.
> It is therefore possible for mankind to conceive of the idea of
> uniting the planet. And it is only through unity that we will be
> able to solve the problems the world is experiencing today.
> The purpose of the Bahá’í Faith is to erase every trace of
> enmity and hatred from men’s hearts and unite the entire world
> as one family. The Bahá’í Writings provide the outline of
> institutions necessary for the establishment of a peaceful society.
> These include a world federation or commonwealth that would
> preserve the independence of all nations with a world parliament
> in which all governments are represented, a world executive to
> administer laws, and a world tribunal to settle disputes. A
> world economy, a universal system of weights, measures and
> currency, as well as the adoption of a universal auxiliary language
> and script would also be features of the world commonwealth.
> The planet’s resources would be safeguarded for the benefit
> of all. Humanity, free from war and strife, would then be able
> to work towards such things as raising living standards,
> advancing education, eliminating disease, developing the arts
> and sciences, and cultivating its spiritual life.
> 
> Economics of the Future Begins Today
> 
> Another important Teaching is the independent investigation
> of truth. We must search out the truth for ourselves and not
> follow blindly the ways of others or customs and traditions of
> the past. Science and religion must also go hand in hand.
> Religion that depends on blind faith rather than reason is
> superstition and can lead to fanaticism. We have been given an
> intellect to investigate all truth, including religious truth. Universal
> education, another Bahá’í Teaching, provides the framework
> for all to have equal opportunities so that men and women can
> advance equally and women throughout the world can take
> their rightful place beside men in working for the peace and
> prosperity of humankind. Bahá’u’lláh advocates the elimination
> of the extremes of wealth and poverty and the abandonment
> of all forms of prejudice. The Bahá’í Writings provide guidance
> that helps an individual develop the spiritual and intellectual
> qualities lying at the core of his nature and therefore contribute
> to an ever-advancing civilization. In addition to prayer to assist
> us to become spiritual beings, work done in the spirit of service
> is also considered worship for Bahá’ís and service to humanity
> is the most worthy endeavor.
> There are two Messengers who brought the Teachings of
> God to the world today. Both came from Iran, formerly Persia.
> The first was given the title of The Báb or the Gate, to signify
> that He was the forerunner of another. As a child, the Báb was
> described as being pure, tender-hearted, mild-mannered, and
> meek. His wisdom, knowledge, and ability to grasp things of
> an adult nature astonished everyone. When He grew up, He
> worked as a merchant and earned great respect because of
> His truthfulness and sense of justice. Once a man bought
> something on his behalf and paid too much. The Báb told him
> to return the item and get his money back, proclaiming that He
> 
> Brief Summary of the Bahá’í Faith
> 
> would not tolerate cheating or encourage someone to be
> dishonest. At another time, The Báb paid more than market
> value to someone selling an item to Him because He thought
> it was worth more than what the man had asked. At this time,
> there were some awakened souls who had foretold of a new
> Messenger of God and urged their disciples to go out and find
> Him. Eighteen disciples unaided found the Báb and He then
> sent them out to spread His new Teachings of justice, mercy
> and love. The Prime Minister and religious leaders were
> threatened by the Báb’s influence as the number of His followers
> increased and they banished Him to a remote fortress. But He
> won the respect and admiration of the officials in charge and
> the people in the area came to Him for their daily blessings or
> to settle disputes. While there, The Báb revealed His most
> important book and foretold another Revelation greater than
> His own. The Báb was banished once more but the authorities
> agreed that His influence could only be stopped through His
> death. His life was ended at the tender age of 31 in front of
> a firing squad. In his short ministry of six years he had brought
> many to His Cause and twenty thousand of His followers
> sacrificed their lives rather than deny their beliefs. After His
> death, there was a smaller band of followers who were now
> crushed and bereft of Guidance. This new Faith could have
> been extinguished, but it was not the will of God. A few
> misguided followers foolishly and ineptly tried to shoot the
> Sháh. And it was a young nobleman, a follower of the Báb,
> Who was one of the prisoners blamed for the attempted shooting
> and Who was thrown into a dungeon. It was there, like every
> Messenger of God, that He received the first intimations of
> His station and He became known as Bahá’u’lláh, a title
> meaning the Glory of God.
> 
> Economics of the Future Begins Today
> 
> Bahá’u’lláh was born into a rich family and His father was
> a nobleman. From childhood, He seemed to possess remarkable
> power and he was extremely kind and generous. He did not
> need formal schooling, having innate knowledge, as had the Báb
> and all the previous Messengers of God. His intelligence and
> spiritual capacity were recognized and people would bring their
> problems to Him. When His father died, He was offered a
> position in the court, but He refused because He had no interest
> in titles or ceremonies. Instead He wanted to defend the
> oppressed and be a refuge for the poor and needy.
> After the Báb had declared His mission, He had sent one
> of His disciples with some of His Writings to find the One
> destined to receive it, namely Bahá’u’lláh. Bahá’u’lláh had
> recognized these Writings to be the truth and had arisen to
> spread them.
> Bahá’u’lláh was exiled to Baghdad after being released from
> the dungeon prison. He began to revive the depleted spirits of
> the Báb’s followers, who had arrived there before Him, and to
> guide them back to a spiritual path. His influence spread and
> transformed even officials and religious leaders so that the
> government and clergy were again forced to exile Him, at first
> to Constantinople (now Istanbul) and then Adrianople (now
> Edirne) in the Ottoman Empire. Before His exile to Turkey, He
> revealed His station to the believers.
> Once more, His influence on all those around Him forced
> the authorities to exile Him, this time to Akka, now part of
> Israel, and at that time, a place of stench and filth where those
> committing the worst crimes were banished. In time, the
> conditions of imprisonment were eased, in large part due to the
> influence of ‘Abdu’l-Bahá, Bahá’u’lláh’s eldest son, who had
> gained the respect and admiration of the people. ‘Abdu’l-Bahá
> 
> Brief Summary of the Bahá’í Faith
> 
> had recognized His Father’s Station as a child; He had endured
> poverty and cruelty when His Father had been imprisoned as a
> heretic after the attempt on the Sháh’s life; He had experienced
> the deprivation and calamities of being exiled from place to
> place. As He grew up, He began to embody all the virtues: of
> gentleness, courtesy, generosity, courage, wisdom, and humility.
> He exemplified love for God and mankind and He spent every
> day of His life serving others and bringing joy into their lives,
> particularly the poor, the sick and the orphaned. As a young
> man, He became Bahá’u’lláh’s secretary, as many volumes of
> Writings streamed from Bahá’u’lláh’s Mighty Pen. He was His
> Father’s closest companion and He took care of all His business
> affairs and chores, negotiating with officials on His behalf and
> dealing with the problems of His followers, so that Bahá’u’lláh
> could concentrate on the all-important work of revealing the
> tenets of His Faith.
> Bahá’u’lláh eventually left the city and spent His remaining
> years in a home in the countryside. When He died, He was
> buried beside His home. This Shrine is a place of pilgrimage for
> the Bahá’ís.
> Abdu’l-Bahá was appointed in Bahá’u’lláh’s Will and
> Testament as the Head of the Faith, as Bahá’u’lláh’s heir to
> interpret His Writings and to be the Exemplar of His Teachings.
> He was conferred divine authority to provide continued guidance
> to the Bahá’ís. Although they had lost Bahá’u’lláh, His purpose
> and plan were continued through ‘Abdu’l-Bahá.
> As a small child, ‘Abdu’l-Bahá was different from other
> children. Born on the same night that the Báb declared His
> Mission, He had recognized His Father’s station when He was
> young and He wanted to lay down His life for Bahá’u’lláh’s
> sake. After the death of His beloved Father, He worked tirelessly,
> 
> Economics of the Future Begins Today
> 
> writing volumes to the Bahá’ís, including many interpretations of
> the Writings of Bahá’u’lláh. He was in constant touch with the
> Bahá’ís, answering their questions, guiding their activities,
> encouraging them, and uplifting their spirits. His work was to
> continue His Father’s work, but not to begin anything not already
> willed by God and His Messenger.
> Abdu’l-Bahá lived a life of simplicity. He wore one coat
> until it became worn out. He also ate sparsely, a little goat
> cheese and bread with tea for breakfast and sometimes He
> had only one meal in a day. When He heard someone was
> deprived of food, He would pack up the supper and send it
> to the needy individual. Even ‘Abdu’l-Bahá’s way of conversing
> was marked by simplicity. He often began with a reference to
> some simple thing from nature and then wove His teaching
> message into clear, straightforward phrases.
> At the age of 70, with ill-health from His years of
> imprisonment, ‘Abdu’l-Bahá set out on a journey to visit the
> Bahá’ís of the West and to teach His beloved Faith. He first
> visited London and Paris. He then sailed to North America.
> After eight months there, He visited a few more cities in Europe
> and then returned home. He gave public addresses to religious
> audiences, scientists, university students, women’s clubs and
> the poor, relating Bahá’í Teachings to the specific interests and
> capacities of His audiences. Many of His talks were reported
> in the newspapers. He uplifted and inspired them and many
> were astounded that He could understand world affairs after
> living a life of exile and imprisonment. He went from dawn to
> dusk, giving interviews and delivering speeches. And He still
> found time to give generously to the poor, as He did regularly
> when at home. He was knighted for His selfless acts of service
> to the people of Haifa.
> 
> Brief Summary of the Bahá’í Faith
> 
> When ‘Abdu’l-Bahá died in 1921, representatives of
> Muslim, Christian and Jewish Faiths gave eulogies and crowds
> of people from all walks of life attended. In His Will and
> Testament, ‘Abdu’l-Bahá named His grandson, Shoghi Effendi,
> as His successor and Guardian of the Bahá’í Faith. In His
> Will, ‘Abdu’l-Bahá delineated an administrative system that
> Shoghi Effendi was empowered to develop. And of course,
> the Guardian’s task was to ensure the continuity of the Faith
> without any divisions into sects.
> Shoghi Effendi was a descendant of Bahá’u’lláh on his
> mother’s side and of the Báb on his father’s side. He grew
> up in ‘Abdu’l-Bahá’s home in Akka, and when not away at
> school, he spent as much time as possible with ‘Abdu’l-
> Bahá. He longed to serve Him and dedicated himself to this
> work. He studied English at Oxford University to prepare
> himself to serve as his Grandfather’s secretary and translator
> of the Bahá’í Writings into English. He became a scholar in
> English and could write with more eloquence, clarity,
> precision and depth than native speakers. He was only 24
> years old and still at Oxford, when ‘Abdu’l-Bahá passed
> away. Reeling from the death of His Beloved Grandfather,
> he took some time to grieve and prepare himself for the
> responsibilities ahead. One of his first duties was to ensure
> that the Bahá’í Faith was considered an independent world
> religion and to have the existing government recognize Israel
> as the World Centre of the Bahá’í Faith with the same
> status as other religions, such as Judaism, Christianity and
> Islam. He completed the Shrine of the Báb in Haifa. (The
> Báb’s precious remains had been sent from place to place
> and kept in hiding until it was possible to send them to
> Israel, where ‘Abdu’l-Bahá had the bounty of interring them).
> 
> Economics of the Future Begins Today
> 
> Shoghi Effendi designed the gardens around the Shrine and
> acquired land for more gardens, which he also designed
> throughout his life.
> Shoghi Effendi translated many of Bahá’u’lláh’s and
> ‘Abdu’l-Bahá’s Writings into English, ensuring that the Bahá’ís
> would be unified in their understanding of the Writings of the
> Faith. He wrote a history of the first hundred years of the
> Bahá’í Faith. He translated five volumes of the Faith into
> English. He wrote thousands of letters to individuals and
> Bahá’í communities all over the world to explain and clarify
> Bahá’í Writings, in his role as interpreter. He had a personal
> relationship with each community and also maintained
> correspondence with many individuals of prominence; with
> royalty, with statesmen, with university professors and
> educators.
> During ‘Abdu’l-Bahá’s ministry, there were few local
> assemblies and no national assemblies. Shoghi Effendi
> delineated the principles to govern the Administrative Order
> during the first year of his ministry. Bahá’u’lláh ordained that
> there be no priests or clergy in the Bahá’í Faith. In every
> community where nine or more Bahá’ís reside, a Local
> Spiritual Assembly is elected to oversee the affairs of the
> Bahá’í community. The Assembly is not responsible to the
> electors; it consults continually with the community but is
> responsible to the Teachings of the Faith as revealed by
> Bahá’u’lláh. Authority in the Bahá’í administration is not given
> to enhance an individual’s prestige. Instead, it is measured
> by humility, self-sacrifice and service. Individuals must consult
> in their meetings frankly and lovingly in an atmosphere of
> respect, prayerfulness, courtesy and dignity so that rules and
> regulations do not override the spiritual nature of meetings.
> 
> Brief Summary of the Bahá’í Faith
> 
> Shoghi Effendi devoted 16 years to lay down a firm foundation
> and erect a pattern for all Bahá’í administrative institutions.
> He helped to build strong national institutions and created
> the International Bahá’í Council, the precursor of the Universal
> House of Justice, the supreme institution directing the Bahá’ís
> all over the world in their endeavors.
> What was Shoghi Effendi like as an individual? He was
> described as methodical, thorough, with a sense of perfection
> and attention to detail. But he was also humble and self-
> effacing, brushing aside any adulation and praise. He didn’t
> want photographs to be taken of him, or his birthday to be
> celebrated. He has also been described as dynamic, restless
> and intense, with incredible powers of concentration and
> accomplishment. He was shrewd and economical, a
> determined bargainer, making it possible to save the Bahá’í
> Faith large sums of money and then using the money saved
> to engage in new enterprises. But he was also generous in his
> contributions to the needy and to the Bahá’ís to further their
> aims. He assisted financially with the translation and publication
> of Bahá’í literature. (The Bahá’í Faith is supported exclusively
> by voluntary contributions made by Bahá’ís). Shoghi Effendi
> was not intimidated by the magnitude of work on his
> shoulders. He toiled for thirty-six years, devoting time to
> miniscule details and encompassing the whole planet with
> detailed plans, instructions, and guidance. He alone ensured
> the establishment of the Faith throughout the world and laid
> the foundations of the Administrative Order. He died at the
> age of 60 in London.
> When Shoghi Effendi died, it was found that he had not
> written a Will; there was no heir or Bahá’í relative able to fit
> the requirements laid down by ‘Abdu’l-Bahá for a successor
> 
> Economics of the Future Begins Today
> 
> to the Guardian. The destiny of the Faith was now in the
> care of the Hands of the Cause of God, an institution originally
> brought into being by Bahá’u’lláh in His lifetime to aid in the
> development of the Faith. These learned individuals acted as
> advisors and protectors of the Faith. Hands of the Cause
> representing all the continents came together to determine
> their next steps. Nine of them were chosen to serve at the
> World Centre and work for the protection and promotion of
> the Faith, following the instructions of Shoghi Effendi. Under
> their care and protection, the Universal House of Justice was
> elected in 1963.
> Through a unique system of governance, The Universal
> House of Justice is elected by all National Spiritual Assemblies
> in the world. This body legislates on matters not expressly
> recorded in the Writings of Bahá’u’lláh. It guides, organizes and
> unifies the affairs of the Bahá’ís throughout the world. It gives
> spiritual guidance to the worldwide Bahá’í community and directs
> its administrative activities. The Universal House of Justice is
> elected every five years in a free, democratic election by secret
> ballot. No nominations or electioneering is permitted in Bahá’í
> elections. The nine elected members come from different
> countries and backgrounds, but work as one for the unification
> of the world, according to the Teachings of Bahá’u’lláh. The
> Universal House of Justice is considered to be an infallible source
> under the care and protection of Bahá’u’lláh and His guidance
> and inspiration.
>
> — *Economics of the Future Begins Today (Used by permission of the curator)*